Software firm Showpad inks big lease expansion in Loop

The software company will take a full floor in the 16-story building at 1 North State Street

Chicago /
Jul.July 16, 2019 11:00 AM
Showpad president & COO Jason Holmes and 1 North State Street (Credit: Showpad, Shorenstein)

Showpad president & COO Jason Holmes and 1 North State Street (Credit: Showpad, Shorenstein)

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


Related Articles

arrow_forward_ios
These were Chicago’s top real estate stories of 2021
These were Chicago’s top real estate stories of 2021
These were Chicago’s top real estate stories of 2021
213 W. Institute Place and 210-216 W. Chicago Ave (KBS)
Pandemic forces sale of two downtown Chicago office buildings
Pandemic forces sale of two downtown Chicago office buildings
Even as omicron surged, Chicago’s downtown vacancies fell in Q4 (iStock)
Downtown Chicago office vacancy rate drops from historic high
Downtown Chicago office vacancy rate drops from historic high
Class C building in Chicago fully leased by AT&T sold for $16.3M
Class C building in Chicago fully leased by AT&T sold for $16.3M
Class C building in Chicago fully leased by AT&T sold for $16.3M
Kimpton Hotel Monaco at 225 North Wabash Avenue and Xenia Hotels & Resorts' Marcel Verbaas (Google Maps, Xenia)
Kimpton Chicago hotel to be sold for $20M less than appraised value eight years ago
Kimpton Chicago hotel to be sold for $20M less than appraised value eight years ago
AmTrust Realty to pump in $100M to spruce up Loop portfolio
AmTrust Realty to pump in $100M to spruce up Loop portfolio
AmTrust Realty to pump in $100M to spruce up Loop portfolio
Biopharmaceutical firm’s expansion to Fulton Market shows Chicago’s fast growing life sciences industry
Biopharmaceutical firm’s expansion to Fulton Market shows Chicago’s fast growing life sciences industry
Biopharmaceutical firm’s expansion to Fulton Market shows Chicago’s fast growing life sciences industry
The Civic Opera House at 20 North Wacker Drive (Getty)
Mark Karasick’s 601W faces $195M foreclosure on Civic Opera House
Mark Karasick’s 601W faces $195M foreclosure on Civic Opera House
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...