Chicago & Midwest + North Side + Industrial | April 12, 2021

Marshall Field’s Warehouse Redevelopment Seeks Equity Partner

New York City-based Knickpoint Ventures is seeking a joint venture partner to invest in the Fields, a $191-million redevelopment of a former Marshall Field’s warehouse at 4000 W. Diversey Ave. on Chicago’s Northwest Side, Crain’s Chicago Business reported.

Knickpoint, which acquired most of the sprawling 1.5 million-square-foot complex in 2018, in February unveiled a plan to build a film production campus there that could employ 300 to 500 people. It hired JLL to find an equity partner for the project, which also would include office and retail space.

“We see big demand for new content creation space, and we think Chicago is a great market for it,” Knickpoint managing partner Zain Koita told Crain’s Chicago.

The Chicago City Council approved a zoning change for the studio plan in February. Koita told Crain’s he aims to begin construction of the studio and production space by the end of the year.

Connect

Inside The Story

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).