Health Care, Tech Drive Chicago’s Office Leasing During COVID-19
Several of Chicago’s largest commercial real estate deals during the pandemic have occurred in the health care sector.
The American Hospital Association renewed its lease for 129,933 square feet at the West Loop office tower at 155 North Wacker Drive, where the association has been headquartered since 2010. The American Board of Radiology renewed 71,183 square feet at 814 Commerce Drive. Health Care Service Corp. (HCSC) signed a lease for 103,533 square feet at Mural Park, a Class A brick-and-timber office property at 920 West Cullerton Street.
Mural Park is a re-development of two 100-year-old, 100,000-square-foot industrial loft buildings in South Chicago. HCSC will occupy one of the buildings in its entirety. Transwestern Real Estate Services’ Jeff Dowdell and Katie Steele represented the landlord, Condor Partners, in the deal. Sean Reynolds, Meredith O’Connor, Matthew Carolan and Amy Berg from JLL (JLL) represented HCSC.
On the tech side, CCC Information Services, a firm that makes software for processing auto insurance claims, will leave its home of more than 25 years, Vornado Realty Trust (VNO)’s theMART, in exchange for 125,000 square feet over three floors at 167 North Green Street in the Fulton Market district. The company was originally set to take 180,000 square feet at the new 750,000-square-foot, 17-story Shapack Partners/Focus property, but scaled back its ambitions in the wake of the pandemic. Cushman & Wakefield (CWK) advised CCC on the deal.
Pinterest renewed its lease for 30,978 square feet at Sterling Bay’s 111 North Canal Street. According to Connect Chicago, JLL represented Pinterest and Austin Lusson advised Sterling Bay in-house.
XPO Logistics took 50,663 square feet at 263 Shuman Boulevard in the Western East/West submarket. NFP Corporate Services renewed 37,414 square feet at 500 West Madison Street. PHD Media took 33,000 square feet at 200 East Randolph Street.
Other big Chicago office-leasing deals amid the pandemic included Allstate Insurance’s renewal for 94,233 square feet at the Class A building at 9022 Heritage Parkway, NXT Capital’s 39,756-square-foot extension at 191 North Wacker Drive, and Old Mission Capital LLC’s lease of 38,000 square feet at 1 North Dearborn Street.