Social media giant Facebook has taken on a sizable office lease in Chicago’s Loop. According to a report by the Chicago Tribune, the Menlo Park, California-based tech company leased 263,000 square feet in 151 N. Franklin Street, the John Buck Company’s recently completed 35-story office building.
It is unclear whether this signals an expansion by Facebook or if they will retain the over 100,000-square-foot space they currently have at 191 N. Wacker Drive. The new lease could accommodate 1,000 to 2,00 employees or more. Cushman & Wakefield represented Facebook in the transaction while Newmark Knight Frank’s William Rolander and Jon Cordell represented the John Buck Company.
“Chicago has been our Midwest home since 2007, and we’re excited to grow our presence here with increased hiring and a new office at 151 North Franklin,” Matty de Castro, Facebook U.S. head of industry, said in a statement to the Tribune. “Our continued investment in this community underscores its strong talent pipeline and thriving technology ecosystem, which make it a great location to expand our Global Marketing Solutions and Recruiting teams.”
With this lease, availability in 151 N. Franklin is starting to fade. The building’s namesake tenant, CNA Financial, occupies around 300,000 square feet of the tower’s total 807,355 square feet. Chicago-based law firm Hinshaw & Culbertson also calls the building home, occupying 100,000 square feet, spanning the 14th to 17th floors.
“Facebook’s decision to double down on Chicago with new jobs and investment is a testament to the talent of our residents and the incredible strength of our fast-growing tech sector,” Mayor Rahm Emanuel said in a statement. “For businesses looking to innovate and invest in the jobs of the 21st century, Chicago is the future. I look forward to seeing Facebook continue to grow and thrive in their new home in the city of Chicago.”