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Tenants Lining Up for Green Exchange in Chicago

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Tenants Lining Up for Green Exchange in Chicago

In 2007, Green Exchange was just an empty Chicago building and a plan on paper. Soon after, construction was underway to create the country's first commercial real estate development designed for the advancement of green business.

The project met obstacles in the summer of 2009, when the owners incurred financial difficulties. In May 2010, the Chicago City Council permitted a $15 million financing package, letting the owners acquire a $15 million federally guaranteed loan. The details of the agreement stated that $5 million must be repaid with funds from the project and $10 million through tax-incremented financing.

Open in the summer of 2011, the four-story 272,000 sq. ft. Green Exchange, located at 2545 W.  Diversey Avenue in Chicago, is the largest adaptive reuse development in the nation to be converted in accordance with platinum Leadership in Energy and Environmental Design (LEED) standards. The Green Exchange provides a significant retail presence, showroom galleries, office space, work/live lofts and common areas.

The goal is to create an epicenter for green business and community. Green Exchange seeks tenants that offer a green product/service or that advance green initiatives. For the developers of Green Exchange, the definition of green includes embracing eco-friendly, fair trade, and/or socially responsible practices in addition to those that promote health and wellness.

A May 2010 City of Chicago staff report states that the Green Exchange project is expected to create 150 temporary construction jobs and 300 to 500 new jobs upon its completion. According to the Green Exchange web site, 17 businesses currently hold leased space in the building. Coyote Logistics LLC, a freight brokerage firm, is the latest company to move its headquarters to the former lamp factory.


Printing With Purpose

distantvillage
Distant Village Packaging owner and founder Rich Cohen.

One tenant that leases space in the eco-friendly development is Consolidated Printing Company, which operates a sales office and digital workspace for one or two employees along with a business center for use by all Green Exchange tenants. The company’s main printing facility and approximately 15 other employees will remain at its present location about seven miles away.

Since 1973, Consolidated Printing owner Marilyn Jones has not only been a user of but also a printing industry spokesperson for eco-friendly printing products and practices. Going well beyond just using soy inks and recycled paper, the entire company is petroleum free, which affects everything from ink to roller lubricants and wash-up solutions.

"Being part of Green Exchange is a great opportunity on a number of different levels," says Marilyn. "As a company, we've gone about as far as we can go toward being green. We're at the all-vegetable level with our inks and chemicals. Going into Green Exchange is going to mean supporting the green community and bringing in new business for our company."


Packaging the Eco Movement

roof
The former lamp factory will be leased exclusively to tenants offering green products or services. Chicago’s downtown skyline can be seen from the roof of the building.

The synergies of Green Exchange also attracted Richard Cohen, founder and owner of Distant Village Packaging, another company moving into Green Exchange. Distant Village is a ten-year-old custom packaging company that designs boxes, bags and baskets hand-made by local artisans in third-world villages using sustainable materials.

The company will be moving its staff of six to Green Exchange in Chicago to occupy office space and a showroom for business-to-business marketing efforts. "We don't practice the 'bleeding heart' business model where you put a picture of a needy child on the cover of your brochure," says Richard. "We create specialty packaging that gets products noticed by speaking about their brand more effectively than the competition. We're proving that you can do well by doing good. Being part of Green Exchange will help facilitate awareness and provide a vibrant business community."


Tangible Benefits

"There are tangible benefits of being in a green building," says Jennifer Schellinger, who manages public relations for Green Exchange in Chicago. "Air quality, daylight, healthy spaces — studies show that all of these things help improve an employer's ability to attract and retain employees as well as increase their productivity."

Those benefits for the employer dovetail into benefits for the consumer and the enduser, according to Jennifer. "People who want to buy green often don't know where or how. Combining all these green businesses under one roof will not only create incredible synergies for the tenants, but also a wonderful one-stop shopping experience for the consumer."

According to the Green Exchange web site, other tenants include:

  • 2 Point Perspective, a green-oriented architecture and interior and furniture design firm
  • The Centre for Sustainability and Excellence, an international advisory, coaching and training organization, specializing in Sustainable Development solutions
  • Conscious Planet Media, a full-service, socially responsible, TV, video and media production company
  • Evergreen Oak Electric/Crest Lighting Studios, an eco-friendly electrical supply and lighting company
  • A Fresh Squeeze, an online publication dedicated to making sustainable living more understandable, accessible and affordable for Chicagoans
  • Greater Than, a strategic marketing firm dedicated to growing green and sustainable enterprises
  • Green Choice Bank, the first "green" community bank in the Midwest
  • Greenmaker Supply, a green building supply company
  • Local First Chicago, a network of locally owned, independent businesses and community organizations, building a thriving local economy and promoting environmental health
  • Mindful Metropolis, a monthly publication and cross-platform media vehicle that connects the Chicago and surrounding area's conscious community with like-minded concelpts and fresh ideas
  • Pivotal Production, a full service event design and production company
  • Pure Label, an eco-friendly label manufacturing company that uses high quality plant fiber and recycled materials without using any products from trees
  • Renewable Resources offers waste-to-energy solutions using recycling management programs to maximize the value of recyclables while lowering associated costs
  • SLS Enterprises, Inc., an eco-friendly construction company that reduces operating expenses and helps achieve LEED objectives
  • Smithereen Pest Management, a green-oriented pest management company focused on natural repellants
  • Sustainability Consultants, Inc., a company specializing in helping manufacturing and commercial businesses achieve their goals in becoming "green"
  • YRG Sustainability Consultants, a consulting firm with areas of specialty ranging from green development to organizational sustainability

Related Links
www.grainger.com/green
www.greenexchange.com