Logistics firm FourKites inked a lease that will triple its space and move to the West Loop.
The firm is taking a 36,000-square-foot space in the Citigroup Center at 500 West Madison Street, moving from its current Loop offices at 1 North Dearborn Street to accommodate a growing workforce, according to the Chicago Tribune.
The four-year-old firm makes software that tracks cargo and alerts shippers of loads that might not arrive on time. After raising $35 million earlier this year, it has doubled the number of employees at its Chicago headquarters
At the Citibank Center, FourKites is taking over some of the space vacated by industrial supply company W.W. Grainger, which is moving 650 employees into the Merchandise Mart.
The 42-story office tower owned by KSB Realty abuts the Ogilvie Transportation Center and is anchored by Citibank. KSB last year took out a $1 billion refinancing on the building from Bank of America.
Office rents reached record highs in the third quarter, driven by corporate relocations to the city and a shrinking vacancy rate, according to Newmark Knight Frank. [Chicago Tribune] — John O’Brien