Tuesday, August 20, 2019

Uber Confirms 463,000 Sq Feet, 10-Year Lease at Old Post Office

Well look at that - the Old Post Office has it's largest tenant secured (via Chicago Tribune):
Uber Technologies has signed a 10-year lease for a massive amount of office space at The Old Post Office, giving it room for thousands of employees.
Uber on Monday confirmed it will occupy 463,000 square feet, becoming the building’s largest tenant. The Tribune reported in May that the California-based technology company was negotiating a move to the post office site.
The deal is the largest office lease signed in downtown Chicago this year, and one of the largest in Chicago in recent years. Not including renewals or extensions of existing office spaces, Uber’s deal is the fourth-largest in the past five years, according to CBRE.
Uber is set to start construction on its new space in The Old Post Office next spring. 
While much ado was made about Amazon's HQ2 search, Uber is a pretty sexy tech business (even though it's stock hasn't lived up to it's high IPO price).  It will be interesting to see what types of jobs come to this location.  As the article mentions, Chicago was already Uber's second largest office in the country.

The building has a pretty impressive roster of companies which hopefully will be a boon for the northwest corner of the neighborhood:
Uber’s lease is more than double the next largest space. Deerfield-based Walgreens in June 2018 announced plans to lease 200,000 square feet, saying it planned to move 1,800 suburban and downtown workers into the space.
Other signed tenants include Ferrara Candy, Home Chef, the Chicago Metropolitan Agency for Planning and ad firm AbelsonTaylor. The first tenants will start moving in this fall.
More than 1 million square feet of leases have been completed. New York-based 601W also is close to completing deals with CBOE Global Markets and Cisco Systems for about 300,000 square feet combined.
Should be interesting to see how this impacts our neighborhood.  Any thoughts?

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