Urban Innovations
Urban Innovations is a Chicago-based, family-owned commercial real estate development firm managing over 1 million square feet across 12 buildings in Chicago and Milwaukee, offering integrated leasing, property management, and construction (via UI Builds) services to 145+ commercial tenants.
- Company typePrivate
- Founded1979
- HeadquartersChicago, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Urban Innovations does
Urban Innovations is a privately held, family-owned commercial real estate development firm founded in 1979 in Chicago by Doris Conant and currently led by the Conant family (Howard Conant Jr. as Founder & Chairman, Jeremy Zednick as President & CFO). The company operates a fully integrated platform spanning three lines of business: commercial office leasing, property management (in-house plus third-party), and general-contracting construction services delivered through its wholly owned subsidiary UI Builds. It manages a portfolio exceeding 1 million square feet across 12 buildings, anchored by 10 properties in Chicago's River North submarket (including the three-building Verso campus at 306 W Erie, 311 W Huron, and 320 W Huron) and the HUB640 mixed-use redevelopment in downtown Milwaukee.
The portfolio is differentiated by long-standing adaptive-reuse expertise — converting historic warehouse and loft buildings into modern office space — augmented by portfolio-wide ESG and health investments including WELL Health-Safety Rating certification from the International WELL Building Institute, Two Green Globes certification for 311 W Huron, ENERGY STAR certification for HUB640, and Needlepoint Bipolar Ionization air purification across buildings. North Wells Capital operates as a strategic investment affiliate that co-owns and co-finances properties alongside Urban Innovations, blurring the line between operating company and investment vehicle.
The firm serves 145+ commercial tenants across diverse industries (technology, financial services, healthcare, coworking, retail, nonprofit, logistics, insurance) and goes to market primarily through direct leasing via its website and CoStar listings, supplemented by major CRE brokers such as JLL and Founders 3 Real Estate Services. Revenue is generated through three mechanics: recurring base rent on owned office and commercial space (subscription-style, multi-year leases), managed-services fees for third-party property management, and project-based general-contracting revenue from UI Builds. Pricing is quote-based and negotiated per property, with no publicly disclosed rate card. The company has no institutional venture capital or private equity backing and reports no public funding rounds, operating as a closely held family enterprise.
Urban Innovations firmographics
Firmographics- Name
- Urban Innovations
- Legal name
- Urban Innovations, Ltd.
- Website
- https://urbaninnovations.com
- Company type
- Private
- Founded year
- 1979
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Urban Innovations is a Chicago-based, family-owned commercial real estate development firm managing over 1 million square feet across 12 buildings in Chicago and Milwaukee, offering integrated leasing, property management, and construction (via UI Builds) services to 145+ commercial tenants.
- Ownership category
- akta.pro rank
Urban Innovations industry classification
Industry- Product category
- Commercial Real Estate
- NAICS
- Commercial and Institutional Building Construction (23622)
- SIC
- Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531), Land Subdividers & Developers (No Cemeteries) (6552)
- akta.pro primary industry
- Renovation, Remodeling & Tenant Improvements (General Contracting) (IMAFAAAE)
- akta.pro secondary industry
- Retail & Mixed-Use Commercial Construction (IMAFACAB)
Keywords
Where Urban Innovations is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Urban Innovations business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain
Revenue model
- Commercial Real Estate Leasing: Leasing of office and commercial spaces across their 1MM+ SF portfolio in Chicago and Milwaukee markets
- Property Management Services: Third-party commercial property management services including facilities management, tenant relations, on-site engineering, preventative maintenance, budgeting, and accounting for client buildings
- General Contracting/Construction: Full-service commercial real estate construction as a lean and agile general contractor
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Commercial office space leasing - rates not publicly disclosed |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
Urban Innovations product offering
Product offeringCore offering
Urban Innovations is a fully integrated commercial real estate firm that owns, leases, and manages more than 1 million square feet of adaptive-reuse loft office space in Chicago's River North neighborhood and downtown Milwaukee. It offers three core services: commercial office leasing across its portfolio and to third parties, comprehensive property management (including facilities, tenant relations, and engineering for both its own and external buildings), and full-service general contracting/construction through its UI Builds subsidiary for tenant buildouts and historic renovations.
Product overview
Urban Innovations is a fully integrated real estate development firm offering three core services: Leasing (commercial office leasing across Chicago and Milwaukee markets), Property Management (managing 1MM+ SF of commercial portfolio plus 3rd party management), and Construction (through UI Builds as a general contractor). The company specializes in adaptive reuse loft office properties, with notable projects including the Verso Collection (three-building campus in River North) and HUB640 (mixed-use redevelopment in Milwaukee). Their portfolio spans 12 buildings including 444 N Wells, 440 N Wells, and other historic warehouse conversions, while also undertaking historic preservation projects like the Banging Gavel Brewpub renovation.
Differentiator
Problem solved
Functional benefit
Products and services
- Commercial Office Leasing Representation of Urban Innovations' owned commercial office portfolio for lease, offering River North loft offices and adaptive-reuse spaces in Chicago and Milwaukee with flexible terms, modern amenities, and health-and-wellness features. Targeted at commercial office tenants across SMB, mid-market, and enterprise segments.
- Commercial Property Management Comprehensive property management services for Urban Innovations' 1MM+ SF portfolio across 12 buildings, including tenant relations, facilities management, preventive maintenance, on-site engineering, budgeting, and accounting, as well as third-party property management for external building owners and investors.
- UI Builds (Commercial Construction) Full-service commercial real estate construction through wholly-owned subsidiary UI Builds, operating as a lean and agile general contractor for interior buildouts, tenant improvements, retail buildouts, and historic adaptive-reuse renovation projects across Chicago, Milwaukee, and select Illinois markets.
- Verso (River North Campus) A three-building collection in Chicago's River North (306 W Erie, 311 W Huron, 320 W Huron) marketed as a connected community hub with health-and-wellness focus, modern amenities, and collaborative spaces, supported by the 'Building for a Better Tomorrow' campaign.
- HUB640 (Milwaukee Mixed-Use) Mixed-use building in Milwaukee's Westown neighborhood at 640 N. Vel R. Phillips Ave featuring ground-level retail, office space on floors 2-5, and loft apartments, with flexible floorplates, an amenity floor, and an expansive roof deck; ENERGY STAR certified.
Quantifiable outcome
- WELL Health-Safety Rating achieved for entire 1MM+ SF commercial portfolio
- +3 more outcomes
Companies that use Urban Innovations
Customer profileNamed customers14 records
Segments3 records
Ideal customer profiles3 records
Urban Innovations technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Urban Innovations partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered minor and core.
- Banging GavelminorBanging Gavel Brews partnered with Urban Innovations for renovation of historic Karl Vogt Building (6811 Hickory Street) in Tinley Park. The 4-story, 7,835 sq ft building will become The Vogt House by Banging Gavel Brews as a brewery and gathering place.
- Altus WorksminorArchitecture firm Altus Works (Katherine Pohl and Joakim Backstrom) served as architects for Karl Vogt Building renovation, working with National Parks Service and Illinois State Historic Preservation Office.
- Founders 3 Real Estate ServicescoreFounders 3 Real Estate Services was recruited as the new office leasing broker for Hub640 in Milwaukee, taking over the listing from JLL. They have 205,000 square feet of office space available on the second through fifth floors.
- Workbox Coworking CompanycoreWorkbox Coworking Company signed a long-term, full-floor lease for 15,295 square feet at 306 W. Erie. Workbox is a collaborative coworking center and start-up accelerator that provides strategic advising, access to capital, and an unparalleled community of growing businesses.
- Fairgrounds Coffee & TeaminorFairgrounds Coffee & Tea committed to street-level retail space at 306 W Erie, providing amenity to building occupants and Verso as a whole. This is their sixth location in Chicagoland area.
- JLLcoreJLL (Jones Lang LaSalle) serves as leasing partner for the Verso campus and entire North Wells Capital/Urban Innovations portfolio, having launched the 'Building for a Better Tomorrow' campaign for safe return to office.
- Maya HayukminorInternationally acclaimed artist Maya Hayuk commissioned to create SCAPE artwork for lobby of 445 N. Wells building. The 20-foot wide painting features abstracted geometric composition in her celebrated style.
- Rachel Conant (In-house Art Curator)minorRachel Conant serves as Urban Innovations' in-house Art Curator, curating artwork installations including Maya Hayuk at 445 N. Wells and Jeremy Novy at HUB640.
- Housing Opportunities for Women (HOW)minorUrban Innovations completed construction of a 16-unit affordable housing complex in Evanston on behalf of HOW, a Chicago-based nonprofit. HOW provides permanent housing solutions through prevention strategies and support services.
- SHED StudiominorMichael Newman of SHED Studio served as architect for the 16-unit affordable housing complex at 1305 Pitner Avenue in Evanston, designed with eight one-bedroom and eight two-bedroom units.
- North Wells CapitalcoreNorth Wells Capital is the investment affiliate of Urban Innovations, co-owning and operating the portfolio of historic loft office buildings. North Wells acquired the five-story 306 West Erie building in 2017 and nearly doubled its size during renovation.
Scale indicators5 records
Recent moves6 records
Expansion highlights6 records
Urban Innovations competitors and assessment
Company assessmentDirect peers
- Golub & Company: Privately held Chicago real estate firm developing and managing office, mixed-use, and residential properties. Comparable as a privately-held, integrated Chicago CRE developer with similar mixed-use expertise and tenant relationships.
- Sterling Bay: Chicago-based commercial real estate developer known for adaptive reuse and large-scale urban office/life sciences projects (e.g., Lincoln Park, Fulton Market). Closest direct competitor to Urban Innovations in Chicago adaptive reuse loft office space with overlapping tenant targets.
- Marc Realty: Chicago-focused commercial real estate owner and operator of office properties across the metro. Directly comparable as a regional office landlord with in-house property management and leasing services serving similar mid-market and enterprise tenants.
- The John Buck Company: Chicago-headquartered real estate investment and development firm focused on office, mixed-use, and residential properties. Comparable as a Chicago-centric CRE owner-operator with similar full-service development approach and tenant base.
- Magellan Development Group: Chicago-based developer of large-scale mixed-use and residential projects including Lakeshore East. Comparable as a vertically integrated Chicago developer with similar mix of office, residential, and ground-floor retail offerings.
- Stream Realty Partners: National commercial real estate services firm offering tenant and owner services across office, industrial, and retail. Comparable as a privately-held, full-service CRE platform with development, leasing, property management, and construction capabilities similar to Urban Innovations' integrated model.
Broad incumbents
- Tishman Speyer: Global real estate developer and owner of trophy office properties across major markets including Chicago. Comparable as a broader incumbent in commercial office ownership with deeper capital base and national footprint.
- JLL (Jones Lang LaSalle): Global real estate services giant. Urban Innovations actively uses JLL as a leasing partner, and JLL provides competing third-party property management, leasing, and construction advisory services to similar office portfolios.
- CBRE Group: World's largest commercial real estate services firm offering investment sales, leasing, property management, and construction services. Broad incumbent competing with Urban Innovations' integrated services platform for third-party mandates.
- Cushman & Wakefield: Global commercial real estate services firm providing agency leasing, property management, and valuation. Comparable as a broader incumbent offering overlapping services to office building owners in Chicago and other major markets.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
Urban Innovations social profiles
Digital presenceUrban Innovations financial estimates
Financial estimateRevenue estimate
Valuation estimate
Urban Innovations leadership team
Management profileNumber of profiles
Profiles10 records
Urban Innovations subsidiaries and ownership
Company hierarchySubsidiaries1 record
Urban Innovations funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Urban Innovations M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Urban Innovations
What does Urban Innovations do?
Urban Innovations is a fully integrated commercial real estate firm that owns, leases, and manages more than 1 million square feet of adaptive-reuse loft office space in Chicago's River North neighborhood and downtown Milwaukee. It offers three core services: commercial office leasing across its portfolio and to third parties, comprehensive property management (including facilities, tenant relations, and engineering for both its own and external buildings), and full-service general contracting/construction through its UI Builds subsidiary for tenant buildouts and historic renovations.
Is Urban Innovations a public or private company?
Urban Innovations is a private company. It is classified as family owned and is currently operating.
When was Urban Innovations founded?
Urban Innovations was founded in 1979. It employs 101 to 250 people.
Where is Urban Innovations based?
Urban Innovations is headquartered in Chicago, United States, in the North America region.
How does Urban Innovations make money?
Three revenue lines are on record. Commercial Real Estate Leasing is the primary driver. The others are property Management Services and general Contracting/Construction.
Who are Urban Innovations's main competitors?
Direct peers on record are Golub & Company, Sterling Bay, Marc Realty, The John Buck Company, Magellan Development Group and Stream Realty Partners. Broad incumbents are Tishman Speyer, JLL (Jones Lang LaSalle), CBRE Group and Cushman & Wakefield.
Does Urban Innovations have an API?
No public API is recorded for Urban Innovations.
What industry is Urban Innovations in?
Urban Innovations's product category is Commercial Real Estate. Its primary akta.pro industry code is IMAFAAAE, Renovation, Remodeling & Tenant Improvements (General Contracting), with a secondary code of IMAFACAB, Retail & Mixed-Use Commercial Construction. Its NAICS code is 23622 and its SIC code is 6532.