Two local restaurateurs plan to open a new concept in the large Wacker Drive space where steakhouse chain McCormick & Schmick’s recently closed after a longtime run, providing a much-needed lift to the Loop retail market.
A Mexican-themed restaurant and bar called Espiritu has leased nearly 10,000 square feet on the ground floor of the 41-story office tower at 1 E. Wacker Drive, property owner AmTrust RE announced.
The restaurant is a collaboration between Matt Moore, co-founder of Chicago Cut Steakhouse a few blocks away, and Emidio Oceguera of Cerdito Muerto in the Pilsen neighborhood southwest of the Loop business district, according to a statement from AmTrust.
Word of the new restaurant comes less than two months after NBC Chicago reported that parent company Landry’s decided to close McCormick & Schmick's as its lease was expiring.
Quickly backfilling the space is a positive sign for the broader Loop retail market, where leasing activity has lagged in areas such as the Gold Coast, Fulton Market, Armitage Avenue and, most recently, a revived North Michigan Avenue.
The new restaurant will include 2,200 square feet of outdoor patio space along Wacker Drive near the Chicago River. The statement describes the upcoming menu as a mix of “classic Chicago dishes and modern Mexico flair” in an upscale setting.
“We are extremely excited to bring an upscale, authentic Mexican American restaurant to the vibrant Loop community, with an emphasis on high-quality seafood and prime steak,” Moore said in the statement.
Plans for the new restaurant follow extensive upgrades made to the building by New York-based AmTrust, including renovations to the façade, lobby, corridor and second-floor amenities space.
AmTrust said it also has added three new office tenants leasing just over 15,000 square feet combined: Flight Centre Travel Group, the Trade Commission of Spain in Chicago, and the Consulate General of Bosnia and Herzegovina in Chicago.
“One East Wacker is a prime example of our core strategy: thoughtful reinvestment into our core office assets within strong U.S. market locations,” AmTrust Jonathan Bennett said in the statement. “This wave of increased leasing activity at such a legacy property is a testament to the effectiveness of our long-term goals, and reinforces our bottom line by demonstrating that disciplined investment in quality assets delivers higher revenue, stronger leasing performance and greater tenant satisfaction.”
For the record
In the Espiritu deal, the tenant was represented by broker Dana Moyles of Dana Moyles Real Estate Services and the landlord was represented by Stone Real Estate brokers John Vance and Will Winter. In the office leases, the landlord was represented by Stream Realty Partners brokers Erica Marshall, Wendy Katz and Mark Gunderson.