USG signs big lease extension at global HQ in West Loop

Building materials manufacturer keeps 8 floors at 550 West Adams, and intends to renovate

TRD CHICAGO /
Feb.February 14, 2019 01:00 PM

USG CEO Jennifer Scanlon and 550 West Adams Street

USG Corporation signed a 10-year lease extension to remain at its global headquarters in the West Loop.

The building materials manufacturer inked the extension with landlord GLL Real Estate Partners for 220,000 square feet, according to Cushman & Wakefield, which represented USG in the lease negotiations. USG has offices on floors 11 to 18 at the 550 West Adams Street building. Cushman will serve as project manager for USG as it renovates its space.

Cushman’s Chris Wood said USG looked at other existing spaces Downtown as well as options for anchoring a new development, but ultimately decided to stay put. He said the lease was restructured as part of the extension, but terms of the deal were not released.

Along with Wood, Cushman’s David Stefancic and Brian Duffy represented USG. Joy Jordan and Emily Marquardt of Telos Group represented GLL, a Munich-based real estate fund manager. GLL bought the building in 2015 for $185 million, Crain’s reported at the time.

USG is staying put even as some other major Downtown office tenants have decided to move into new office towers.

CNA last year moved into 290,000 square feet at 151 North Franklin Street, and Bank of America plans to move into 500,000 square feet in the new tower that Riverside Investment & Development and Howard Hughes Corporation are building at 110 North Wacker Drive.

Salesforce, meanwhile, plans to take 500,000 square feet and the naming rights in the 57-story Wolf Point South office tower that Hines and the Kennedy family are building.


Related Articles

arrow_forward_ios
Warehouse at 3348 South Pulaski Road

A Chicago warehouse that feeds developers just traded for $39M

1035-1065 N Orleans St (Credit: Google Maps)

Developers place bets on another downtown hotel

2537 North Pulaski Road in Logan Square (Credit: Google Maps)

‘Hipster’ concert venue will cause gentrification, Logan Square activists claim

Former NFL player Israel Idonije and 200 W. Madison St. (Credit: Getty Images, Google Maps)

Former Chicago Bear launches 1871-styled incubator with insane lease rates

Sterling Bay’s Andy Gloor and renderings of 333 North Green Street (Credit: Sterling Bay)

Sterling Bay’s new Fulton Market HQ is a Sterling Bay construction

1000 and 1100 E. Warrenville Road (Credit: iStock)

This developer is willing to take a loss on a Naperville office complex

PepsiCo CEO Ramon Laguarta and WeWork CEO Adam Neumann with the Old Post Office (Credit: Getty Images)

Space race: WeWork, PepsiCo may take a combined 320K sf at 601W Companies’ Old Post Office

IBT Group’s Gary Pachucki and renderings of Humboldt Lit (Credit: LinkedIn and IBT)

The New Fulton Market? Local developer puts $50M bet on Humboldt Park

arrow_forward_ios