CBRE has arranged six leases totaling 54,183 square feet at 609 W. Randolph St., a speculative office building that delivered in March of 2022 in Chicago’s West Loop. The deals put the building at 63% occupancy, with five floors remaining for lease.
The latest lease totaled 21,339 square feet with a national growing technology company. Other completed deals this year include:
- New Markets Trading: 5,482 square feet
- NTT DATA: 7,113 square feet
- Global Real Estate Fund: 7,113 square feet
- Confidential Financial Services: 7,113 square feet
- Valenti Builders: 6,023 square feet
CBRE’s Jason Houze and team represented 609 W. Randolph ownership, Vista Property, \a third-generation family-owned private real estate investment firm, in each of the transactions which all closed after the building delivered. Vista Property’s Chicago portfolio includes office, retail, and multifamily projects across twenty properties including a Class A multifamily tower currently under construction at 741 N. Wells.
609 W. Randolph St. is a boutique office property that offers flexible and responsive workspaces as well as a top-floor amenity center and top floor terrace that provides beautiful views of both Fulton Market and of the downtown skyscrapers that make up the business district in Chicago. This environment appeals to a diverse mix of users, evidenced by the industry makeup of the tenant roster at the building.
The building’s architectural design pays tribute to the historic roots of the area while catering to adaptable modern tastes. The building is within a corridor that connects the West Loop with Fulton Market, offering employees a deeply amenity-rich environment with an abundance of top-tier restaurants and hospitality services.
According to a recent CBRE report, Class A vacancy in Chicago’s CBD has dropped in three consecutive quarters, from 18.6% in Q1 2022 to 14.7% in Q3 2022. In the West Loop submarket, asking rents rose nearly 6% quarter over quarter from $50.96 in Q2 2022 to $53.99 in Q3 2022. Since April of 2020, 60 tenants have relocated within the market with leases larger than 20,000 square feet. CBRE data reveals 79% of tenants who relocated during COVID upgraded their space by class and 72% of tenants who relocated went to a building built or renovated in the last five years.