Cboe to list its HQ as it nears a lease at Old Main Post Office

The options exchange is looking to downsize its office footprint at the Old Main Post Office

August 05, 2019 04:00 PM
Chicago Board Options Exchange (Credit: Yelp)

Chicago Board Options Exchange (Credit: Yelp)

Cboe Global Markets wants in on Old Main Post Office’s popularity, so much so it planning to sell its Downtown headquarters

The parent company of the Chicago Board Options Exchange will soon list its office building at 400 South LaSalle Street, the Chicago Sun-Times reports. The company announced the marketing of the building in an earnings report conference call last week.

Cboe is currently negotiating terms for a big lease at 601W Companies’ Old Main Post Office redevelopment. The firm is after 175,000 square feet of office space in the massive office property on the southwest border of downtown.

Other tenants moving into the Old Main Post building include Uber, Walgreens and Cisco Systems, among others.

Overall, Cboe’s move is part of an effort to reduce its office footprint, a company executive said in the earnings call. The company has occupied the entire 350,000-square-foot building at 400 South LaSalle Street since 1984, according to the Sun-Times.

The Cboe headquarters building will enter a crowded downtown office sales market.

Office investment sales in the central business district have dropped to a 20-year low this year. The soft investor market comes despite an unusually high number of properties for sale with 22 office buildings on the market in May.

Downtown office sales have been hurt in part because of major tenants leaving the Loop for newer properties elsewhere in the city. If it does ink a deal at the Old Main Post Office, Cboe will contribute to Loop-area exodus. [Chicago Sun-Times]Joe Ward

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