Morningstar’s Mansueto-backed $50M Humboldt Park project finds first tenant

A $50 million Humboldt Park redevelopment backed by Morningstar founder Joe Mansueto landed its first tenant.

EeroQ, which says it aims to build a large-scale quantum computer, signed a five-year lease to occupy 9,600 square feet at the Terminal at 1334, Crain’s reported. The company plans to move its headquarters there in June from East Lansing, Michigan.

A joint venture between Mansueto and Chicago developer IBT began converting the 250,000-square-foot cluster of factory buildings in July 2020 after buying the property for about $8.3 million, Cook County records show. The lease could boost activity at the Terminal and the property next door, where Amazon is building a new distribution center.

The deal marks a gain for Chicago Mayor Lori Lightfoot’s effort to bring in jobs and economic development in the South and West Side neighborhoods.

“EeroQ will not only be well-positioned to capitalize on the many opportunities that quantum technology will drive, but also help to revitalize communities in need,” Lightfoot said in a statement.

The firm has a patent to develop a quantum computer chip by manipulating single electrons floating on liquid helium. Google, Amazon and IBM are among the companies that have been developing quantum computing technology.

EeroQ has just eight employees and expects to hire 15 more in the next year, mostly in Chicago. It said it picked the location in part because it’s quiet, a key to testing its technology.

Zach Pruitt and Doug Hayes of Cawley Chicago represented the Terminal developers. Emily Smith of Bespoke Commercial Real Estate represented EeroQ.

[Crain’s] — Connie Kim