Assistant Director, Savills Studley
Illinois Licensed Real Estate Broker
AltSchool, a private school backed by Mark Zuckerberg, has decided not to open their most recent school. This decision was made prior to the build-out commencing, leaving a vacant, raw ~13,000 Rentable Square Foot space available for sublease. The address is 610 W. Schubert in Lincoln Park. What makes this sublease so interesting is that the space is still in raw condition, meaning a user could come in and build-out an office to their exact needs.
The entire space is 13,199 RSF, and it’s split between two floors with it’s own entrance (1,140 RSF is on the first floor). With plenty of original term the space can be available through 2031. The sublease comes with five covered parking spaces, and a 5,000 RSF rooftop – very unique and included in the asking rate! Speaking of asking rate, AltSchool’s is looking for $30’s Gross per RSF. The deal looks like the following:
Located at the five corner intersection of Broadway, Clark and Diversey, the neighborhood is a bustling mix of commercial, residential, and new development. Within walking distance of this Lincoln Park sublease are Starbuck’s, Target, Stan’s Donuts, LA Fitness, Trader Joe’s, La Creperie, Walgreen’s, Hot Yoga, as well as dozens other. Chicago’s Red, Brown, and Purple El commuter trains stop three blocks from AltSchool, in addition to many of Chicago’s bus routes. The famous Lincoln Park, Diversey Harbor, Diversey Driving Range, Chicago beaches, and Lincoln Park Zoo are also within a 1/2 mile!
See the below pictures:
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