Edelman moves Chicago office to West Loop
The 15-year lease adds Edelman to the list of top downtown tenants reducing physical workspace after adjusting to living with remote workers for the past 18 months. Such a downsizing pushed the office vacancy rate in the central business district to its highest level on record and recently prompted some landlords to increase concessions and relax lease terms to land tenants.
Edelman’s move to the 11th and 12th floors of the Canal Street building helps strengthen the tenant list of JPMorgan Asset Management, which has owned the 16-story property since 2014. The building is 90% leased today, according to the real estate information company CoStar. Group.
The move opens up a large block of space, meanwhile, for the owner of Aon Center 601W, the New York-based developer best known locally for redeveloping the old post office into a modern office building. Edelman is now one of the 83-story building’s largest tenants, although 601W recently bolstered its rental list when Kraft Heinz renewed its lease in July for almost the same 170,000 square foot office it ‘he had in the building since 2015.
Including Edelman, the Aon Center is 93% leased today, according to CoStar. 601W also recently completed a $ 6.5 million renovation of the plaza along the southern edge of the building, which building rental brokerage group Telos Group said was crucial for the renewal of Kraft Heinz. , “and we anticipate even more rental momentum to come,” Telos director Jamey Dix said in a statement.
Edelman has around 6,000 employees worldwide, including 537 based in Chicago, according to the company. The new office will include 257 desks and nearly 800 “other seats, including collaboration areas, cafes, team rooms, meeting spaces and focus areas,” said a spokesperson for Edelman. in a press release.
“We’ve designed an office that people are really going to want to be in,” Edelman Chicago president Kevin Cook said in a statement. “This new environment encourages connection and flexibility and gives employees enough space to spread out when they return to the office in a hybrid model.”
Edelman, headquartered in New York and Chicago and founded by Daniel Edelman in 1952, has more than 60 offices around the world.
The Chicago Tribune first reported Edelman’s agreement to move to the Gogo Building.