Showpad signed a big lease expansion in a Loop office building, taking over a full floor as it continues its rapid Chicago expansion.
The Belgian software company will take 68,000 square feet on the 10th floor of Shorenstein Properties’ 1 North State Street, an increase of more than 50,000 square feet from its current 11th-floor office space, according to Crain’s.
Showpad has grown dramatically since opening in Chicago more than a year ago in a WeWork space at 125 South Clark Street. Now it has around 160 local employees and aims to employ about 40 more by year end, according to Crain’s.
San Francisco-based Shorenstein bought the office portion of 1 North State for $80 million in 2016 when it was just 55 percent leased, Crain’s reported at the time. The building is now 78 percent leased, according to CBRE, which represented Shorenstein in the Showpad lease.
The average Downtown office occupancy rate is around 87 percent.
Cushman & Wakefield’s James Stein represented Showpad in the lease negotiations.
Shorenstein controls millions of square feet of office space nationwide.
The firm in 2015 won city approval with Shapack Partners for an office building at 215 North Peoria Street in Fulton Market, but later sold the property to CBRE Chicago Chairman Robert Wislow and toy magnate Randy Rissman for $43 million. Wislow and Rissman earlier this year finally got the project underway. [Crain’s] — John O’Brien