The Real Deal Chicago

Tech firm TBI inks lease in O’Hare office market

The firm is staying in the top suburban office submarket as it takes over a full floor in Golub & Company’s International Tower
By Joe Ward | February 13, 2019 01:00PM

Geoff Shepstone, President of TBI and 8550 West Bryn Mawr Avenue (Credit: TBI)

Technology provider TBI signed a lease to take up a full floor of Golub & Company’s International Tower near O’Hare.

The telecommunications and tech firm will take more than 27,000 square feet at the office building at 8550 West Bryn Mawr Avenue, Golub said. TBI is moving from its previous location at 8770 West Bryn Mawr Avenue, down the block from its new offices.

Golub is working to rehab portions of the International Tower, including building a fitness center, yoga room and tenant lounge, the company said. The Chicago-based developer acquired the 13-story, 300,000-square foot International Tower in 2014 for just over $40 million, GlobeSt. reported at the time.

“This lease underscores the desirability of the O’Hare submarket,” Golub principal and CEO Michael Newman said in a statement.

The overall suburban office market has posted mixed leasing results recently, but the O’Hare submarket has consistently outperformed other suburban submarkets.

Among those looking to cash in on it is Chicago-based Glenstar, which ditched its plans for an apartment project near O’Hare in favor of a 600,000-square-foot office building. O’Hare also saw the priciest suburban office sale of the second quarter of 2018 when Angelo Gordon & Co. picked up the Presidents Plaza complex for $148 million.

Golub has a number of Chicago-area developments in the works, including the massive redevelopment of the Tribune Tower in partnership with CIM Group that eventually could include Chicago’s second tallest building. It is also planning a 28-story mixed-use development in Oak Park, and a 32-unit condo project in Old Town.

Golub’s Steve Degodny represented the company in the TBI lease. Alex Smith, Brad Frank and Jordan Rovito of Cushman & Wakefield represented TBI.