Transwestern Real Estate Services has arranged two lease expansions at 191 N. Wacker Drive, a 37-story, 733,759-square-foot office building in Chicago’s West Loop submarket. Manulife Investment Management, on behalf of its clients Allianz Real Estate and JHUSA, were represented by TRS’ Senior Vice Presidents Katie Steele and Kathleen Bertrand in the transactions.
The transactions include:
- Qualtrics, an experience management software company, expanded its lease from 25,600 square feet to a 51,200-square-foot space, occupying a full floor at 191 N. Wacker Drive. This space serves as the hub of the company’s Midwest operations. Qualtrics was represented in lease negotiations by Evan Djikas of Colliers.
- Skills for Chicagoland’s Future, a nonprofit focused on increasing the economic mobility of unemployed and underemployed talent by connecting them to quality jobs with a network of committed employers, expanded its lease from 3,828 square feet to 13,290 square feet. Skills for Chicagoland’s Future was represented in lease negotiations by Jon Milonas and Brandon Green of CBRE.
“The expansions for Qualtrics and Skills for Chicagoland’s future are great for both 191 N. Wacker and Chicago’s CBD,” said Steele. “Leasing activity is picking up as Chicago’s market fundamentals continue to recover, and 191 N. Wacker offers a convenient location with parking, and best-in-class, flexible space options, all of which are crucial for companies as they make real estate decisions during this time.”
According to Transwestern’s Q4 Chicago Office Market Report, the office market has started to stabilize for the first quarter since the onset of COVID-19. Vacancy rates remained flat, after significant increases in 2021, and leasing activity accelerated during the second half of 2021, with 4.0 million square feet leased compared to just 1.5 million square feet during the same period in 2020.