Shoprunner is moving its headquarters into Blackstone Group’s River North Point, expanding its Chicago footprint in the process.
The e-commerce software provider is finalizing a lease for about 25,000 square feet in the tower at 350 North Orleans Street formerly known as the Apparel Mart, twice the size of its current space at 350 North LaSalle Street, according to Crain’s.
The company has grown in Chicago since naming former Match and OKCupid exec Sam Yagan as its CEO in 2016 and closing its Silicon Valley office last year.
Last summer, when Shoprunner leased the space on LaSalle, Yagan told Crain’s the company aimed to grow from a couple of dozen employees to about 100 over the next 1 1/2 years. The company boasts clients including Neiman Marcus, Saks Fifth Avenue and Eddie Bauer.
Strong demand for office space Downtown has helped keep the overall vacancy rate at 13 percent despite the addition of 1 million square feet of new inventory, according to a second quarter report from CBRE.
Blackstone bought the 1.3 million-square-foot River North Point for $378 million in 2015 and took out a $310 million refinancing on it earlier this year from Wells Fargo. Among its major clients are mall owner GGP, which moved into the building to clear the way for redevelopment of its headquarters site across the river. GGP’s future in River North Point is unclear after being bought out by Brookfield Property Partners.
With the Shoprunner deal in hand, the building will be less than 8 percent vacant, down from 25 percent at the end of last year..
Brad Serot and Bill Sheehy of CBRE represent Shoprunner on the new lease. Mike Kaz of CBRE represents EQ Office, which oversees Blackstone’s office portfolio. [Crain’s] — John O’Brien