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IBT Group Selects Cushman & Wakefield to Lease and Manage The Terminal, a State-of-the-Art Research Facility in Chicago

Bailey Webb • 4/16/2024
IBT-Group-Terminal-WebcardCHICAGO, April 16, 2024 – Cushman & Wakefield announced today that locally based IBT Group, LLC., in partnership with Mansueto Office, Inc. has selected the firm to lease and manage The Terminal, a three-building, 235,000-square-foot research facility for leaders in the science and technology communities. The firm’s Karoline Eigel, Steve Milenkov and Caroline Buck will lead leasing and management at The Terminal.

Located at 1334 N. Kostner in Chicago’s Humboldt Park neighborhood, The Terminal is an award-winning adaptive-reuse development that converted the former Pyle-National generator and railroad-equipment manufacturing facility into world-class R&D and office space. Currently, the project includes tenants EeroQ and NuMat.

Now marketing a total of approximately 160,000 square feet including a newly built 4,000 square feet of spec lab space, the Terminal is the only horizontal science and technology facility in Chicago, and offers 12- to 30-foot clear heights, high-speed data and significant power capacity.

“The Terminal’s horizontal footprint, concrete walls and in-place infrastructure make it the ideal destination for Chicago’s innovators, and ownership has committed to delivering affordable, flexible lab space in a growing market with virtually no economical spec space available,” said Eigel, Cushman & Wakefield Executive Director. “What’s more, it’s a prime example of what adaptive reuse can make possible. The Terminal’s century-old buildings combine historic elements with modern-day advancements to create a one-of-a-kind campus that can easily support the R&D and office needs of end users in sectors such as physical tech, natural science, deep tech, quantum and clean energy.”

In addition to its S&T-focused features, the six-acre site also includes amenities such as 2.5 acres of outdoor park and garden space, a community room and a performance venue.

“The Terminal creates a shared environment for like-minded entrepreneurs and community members in Humboldt Park,” said Milenkov, Cushman & Wakefield Senior Managing Director. “With its focus on sustainability and a reduced carbon footprint through adaptive reuse rather than ground-up development, the campus’ gardens, walkways and park spaces will extend the reach of this important landmark with streetscapes primed for reimagined pedestrian activity that benefits the surrounding community.”

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit

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