Upwork inks 67K sf lease at 525 West Van Buren

Freelancer platform Upwork is moving from one part of the West Loop to another, signing a 67,000-square-foot lease at AEW Capital Management’s office buil ing at 525 West Van Buren Street.

The Silicon Valley-based freelance platform is moving its Chicago headquarters from an 8,000-square-foot space at 224 North Des Plaines Street to the building known as the Congress Center, according to JLL, which represented AEW in the deal.

The Congress Center is in a part of the West Loop seeing a number of office redevelopment projects and corporate relocations. Nearby, 601 W Companies’ redevelopment of the Old Main Post office has attracted Walgreens, Ferrara Candy and Chicago Metropolitan Agency for Planning. Riverside Investment & Development’s massive Union Station overhaul recruited BMO Financial group to anchor the planned office tower portion of the project.

Melissa Rubenstein, managing director at JLL, said the development and leasing activity in that area of the West Loop is what brought Upwork to 525 West Van Buren.

“It’s what’s attracting the newest wave of growing tech tenants like Upwork,” she said.

Boston-based AEW bought 525 West Van Buren in 2015 for $135 million from New York-based Northwood Investors, Crain’s reported at the time. AEW manages more thanr $34 billion in assets in North America. The firm also owns the Mellody Farms luxury apartment complex in Vernon Hills.

Rubenstein and Gary Kostecki led the JLL team representing AEW in the deal. Cresa’s Allen Rogoway, Janna Luce and Eric Nolin represented Upwork.