Marks 40th Anniversary with Strategic Investment in New Downtown Office Building
CHICAGO (Dec. 6, 2006) —Erikson Institute, one of the nation’s leading graduate schools in child development, announced today it has purchased space at 111 W. Illinois St. in downtown Chicago for its new campus.
As the building’s anchor, Erikson will occupy approximately 75,000 square feet on three floors of a new 10-story, Class A high-rise building under development by The Alter Group. The Institute will have its own address: 451 N. LaSalle. The new Institute campus, nearly double the size of its currently leased space at 420 N. Wabash Ave., will accommodate the school’s tremendous growth. Student enrollment has more than doubled over the past five years.
“This incredible new space is the result of an intensive four-and-a-half year study and search to identify the best location to suit Erikson’s unique needs,” said Erikson Trustee Virginia Bobins, who helped lead the search process with U.S. Equities Realty. According to Erikson, the new permanent space will allow for projected growth in academic programs, student enrollment, research activities, community projects, and clinical programs.
Erikson has worked closely with the developer to create facility plans that incorporate many enhancements:
- Additional, high-tech classrooms and seminar spaces with high ceilings and natural light
- A significant expansion for the Edward Neisser Library and Learning Center that will double the holdings space of Erikson’s current library and include a computer training room, an information commons and group study rooms
- Increased space for the new Herr Research Center for Children and Social Policy
- Specialized space for clinical activities
- Erikson’s own two-story lobby entrance with dedicated elevators
More amenities for students and staff, including kitchen and lounge areas, student lockers and teaming rooms. “We have really outgrown our current space,” said Erikson Institute President Samuel J. Meisels. “As one of the country’s premier centers of child development education, practice, and applied research, we must provide our students and faculty with the resources they need to continue advancing the field of early child development. This new state-of-the-art facility will make that possible.”
U.S. Equities Realty advised and represented Erikson on its search for and purchase of space from The Alter Group, the firm developing the 227,604-square-foot, Class-A-to-own office building at the corner of LaSalle and Illinois. “A key factor in the decision to purchase rather than lease space was the tax-exempt financing and future real estate tax exemption Erikson will receive from owning,” said Geoff Euston, senior vice president of U.S. Equities Realty. “These economic incentives afforded Erikson the ability to purchase almost double the amount of space it currently leases and at a much lower cost than leasing comparable space.”
Ground-breaking for the new building is scheduled for January with completion expected in early 2008. Erikson faculty, staff, and students plan to move in just before fall semester begins in August 2008. Solomon Cordwell Buenz is the architect and McHugh Construction Company is the general contractor for the project.