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Restaurant-software company about to ink 50K sf lease in River North
Toast is in talks to take two floors of the former AMA headquarters with the option for a third
Boston-based Toast will be joining the growing list of tenants at 515 N. State Street.
The restaurant software firm’s lease is for about 50,000 square feet on two floors with an option for a third, according to Crain’s. This is a big score for the owners of the River North building, which was just 31 percent leased two years ago. The building, owned by a joint-venture from Beacon Capital and Ivanhoe Cambridge, is now nearly 89 percent leased.
The State Street building was previously home to the American Medical Association and was expected to have Outcome Health as their anchor tenant. But the lease fell through after the health care advising company was involved in a fraud investigation.
Other major tenants of the building are WeWork which has a lease for five floors in the building, as well as Dentsu Aegis Network, which doubled it’s lease at the location to 126,000 square feet in February.
Toast is a point-of-sale software developer used by many restaurants. They acquired StratEx in July which produces payroll and human-resources software. Since the acquisition, the company has grown to over 200 employees and is expected to double over the next year-and-a-half.
Jack O’Brien and Jamey Dix of Telos Group represented the landlord. [Crain’s] — Jacqueline Flynn