Each week, The Elevator Speech summarizes news related to some of the key industry trends, buildings, deals and dealmakers that shaped headlines. Below are articles that caught our attention the week of August 4.
Moving Headquarters Across the Street
Online payday lender Enova International Inc. has signed a 12-year lease for 160,240 square feet at 175 W. Jackson Blvd. This is the fourth largest new lease in downtown Chicago for 2014. Enova will relocate from 200 W. Jackson, where it leases about 175,000 square feet, in early 2015.
Two Firms Move to Accommodate Increase in Workforce
Inventus LLC, an electronic legal services provider, has relocated from loft office space at 600 W. Fulton St. to the Citigroup Center located at 500 W. Madison St. The company is currently occupying 12,000 square feet at 500 W. Madison and will expand into 20,000 more square feet once construction on that space is complete. One of the reasons behind this move is due to the firm’s expectations to double its workforce within the next few years.
Chicago-based Valence Health plans to hire 500 new employees at its new West Loop headquarters located at 540 W. Madison St. The company signed a lease for 125,000 square feet and will move from its smaller headquarters located at 600 W. Jackson Blvd. later this year. Valence currently employs 325 people and plans to create 500 jobs in Chicago by 2019.
Fifth Purchase in the Chicago Market
Accesso Partners, previously known as Beacon Investment Properties, has purchased 230 W. Monroe St. for $122 million. The 623,564 square foot tower is currently 66% leased and received offers from 20 potential investors during the four months it has been on the market. This is the fifth office building Accesso Partners has purchased in the Chicago area within the past year.
Long Term Lease on LaSalle
Wintrust, a Rosemont, IL-based financial corporation, has signed a 20-year lease at 231 S. LaSalle St. The lease will start in 2015 and includes 179,332 square feet for the second, third, fourth and 13th floors. Other major tenants of this building include The Northern Trust Co. and the U.S. Army Corps of Engineers.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.