![]() ![]() ![]() Of the 60 companies downtown that signed deals to relocate their offices between mid-2020 and the first quarter of 2022, 85% moved to buildings that were newly built or had recently undergone a major renovation, according to an analysis from brokerage CBRE.įulton Market has evolved over the past decade from drawing primarily tech companies to more recently luring prominent professional service firms. That loan from Wells Fargo added to an $81.4 million mortgage the developer borrowed in 2019 to finance construction of the building, records show.Ĭompanies that have signed new office leases during the pandemic have gravitated to newer and recently renovated office buildings during the pandemic, taking advantage of the soft market and hunting for space that will make employees want to show up rather than work from home. The Tishman spokeswoman also declined to comment on a new $26.1 million supplemental mortgage the owners took out on the property last month, according to Cook County property records. ![]() A Valor Equity Partners spokesman did not respond to a request for comment. Now the duo has nearly filled the building while downtown office vacancy hovers at an all-time high, having inked previous deals with Tock, agricultural tech firm Hazel Technologies and real estate tech company VTS, among others.Ī Tishman Speyer spokeswoman declined to comment when asked about the Valor Equity Partners lease but confirmed the building is 87% leased today. Valor's deal is a win for a joint venture of New York-based Tishman Speyer and Chicago developer Mark Goodman, which completed the Sangamon Street property without any tenants signed in the midst of a public health crisis that has pummeled demand for workspace. The firm also adds to the list of defections from the Magnificent Mile, which has lost major retail tenants during the COVID-19 pandemic but also become less popular in recent years as a destination for traditional office users. ![]() Valor, which is best known for its early backing of Elon Musk ventures Tesla and SpaceX and has more recently invested in fast-growing Chicago companies including Fooda, Cameo and Tock, joins the party of companies moving offices to Fulton Market as the gritty-turned-trendy corridor becomes a hotbed of upscale restaurants and hotels, major corporate offices and, more recently, apartment buildings. ![]()
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January 2023
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