CDW signing 300K sf lease in new West Loop office tower
The tech company’s move to 625 West Adams is a boost for owners White Oak Realty and CA Office
CDW is completing a deal to move its offices into 300,000 square feet of a newly built West Loop office tower.The tech products firm’s anchor lease at 625 West Adams Street is a big boost for White Oak Realty Partners and CA Office, which developed the 20-story building on spec and opened it earlier this year without any tenants, according to Crain’s.
They later signed Ferrara Candy to take 60,000 square feet in the building, and the addition of the CDW lease means only two floors remain unoccupied.
After landing a $97.2 million construction loan, Rosemont-based White Oak and Chicago-based CA Office in 2016 began building the 438,000-square-foot tower on spec, hoping to cash in on the robust downtown office market.
CDW is moving from nearly 225,000 square feet at 120 South Riverside Plaza, where its lease expires in May 2021. The lease accounts for more than a quarter of the space in the building, which owner Ivanhoe Cambridge bought in 2013 for $361 million, according to Crain’s.
Downtown office vacancy rates have hovered around 13 percent this year, despite the addition of new office space including the White Oak/CA tower project. [Crain’s] — John O’Brien