Rent24 leases 100K sf on the Mag Mile

Rent24 leased up to 100,000 square feet on the Magnificent Mile for its second co-working location in the city.

The German firm expects the first few floors of its space at 500 North Michigan Avenue to open by late summer, with the rest ready by the end of the year, according to the Chicago Tribune.

A group of European investors led by New York-based Samuel Schapira bought the building for more than $86 million in November.

Rent24 already has a location at 444 North Wabash Avenue, taking over the space from a local co-working business, founder and CEO Robert Bukvic told the Tribune.

Cushman & Wakefield office leasing brokers Barbara Schenberg, Lenora Adds and Chris McKinney represent the building owners.

The Chicago deals are part of Rent24’s initial push in the United States, which includes two leases near completion in New York, Bukvic said. The company has operations or plans for locations throughout Germany and in cities including London, Tel Aviv and Moscow.

Rent24 also is buying space for a Loop office and plans to have six to eight Chicago locations open by the end of 2019, Bukvic said. The company is looking at two potential co-living locations in the city, he said. [Chicago Tribune] — John O’Brien