Chicago’s Old Post Office, which has attracted a number of high-profile tenants to the redeveloping property, may have landed two more. Reports indicate that PepsiCo is in advanced talks to occupy approximately 200,000 square feet while WeWork is looking to take 120,000 square feet of its own.
If the deals go ahead as rumored, PepsiCo would be relocating from a larger space, their long-time regional headquarters in 555 W. Monroe Street. WeWork, on the other hand, has been in expansion mode for the past few years, ahead of an IPO this month. The flexible office provider currently occupies 12 location throughout Chicago, totaling more than 1 million square feet—making them the largest non-governmental tenant in the CBD.
New-York-based 601W Companies is in the midst of an $800 million renovation on the 2.8 million-square-foot, Art Deco building, with the first tenants scheduled to move in by October. Steve Smith, Jamey Dix and Daniel Heckman of The Telos Group are the brokerage team tasked with bringing tenants to the rejuvenated property. Last month, tech firm Uber confirmed that it would take 450,000 square feet at the property.
Other firms that have confirmed leases in the building include Cboe, Walgreens, Ferrara Candy, the Chicago Metropolitan Agency for Planning, AbelsonTaylor and Kroger subsidiaries Home Chef and 84.51°. 601W Companies acquired the iconic property in 2016 and tapped architecture firm Gensler to draw up a vision for the building’s second life, including the addition of a food hall, a new riverwalk and a 3.5-acre, tenant-accessible rooftop.