WeWork has troubles, but it also has a new location in River North

The embattled co-working giant inked a lease for the top 4 floors at CA Ventures’ under construction office complex; CA Ventures will also move in

Feb.February 19, 2020 09:20 AM
From left: CEO and founder of CA Ventures Thomas Scott, CEOs of WeWork Sebastian Gunningham and Artie Minson, and a rendering of the building

From left: CEO and founder of CA Ventures Thomas Scott, CEOs of WeWork Sebastian Gunningham and Artie Minson, and a rendering of the building

WeWork is taking 63,000 square feet at an under-construction River North office building being developed by CA Ventures and Midwest Property Group.

The embattled co-working giant, which already leases over 1 million square feet in Chicago, will take the top four floors at the building at 448 N. LaSalle Drive.

CA Ventures will also move into the building, taking 60,000 square feet over five floors, the company said in a statement. The space will be the developer’s new headquarters and allow for 320 employees. Crain’s first reported on the lease deals.

CA Ventures will double its footprint in the city, moving from its current location at One Prudential Plaza, where it leases a little over 35,000 square feet. Construction on the new 172,000-square-foot building is expected to be completed in mid-2021.

Since WeWork’s implosion last fall, the company has significantly slowed its new leases in the city and across the country. This location will be WeWork’s 14th in Chicago and its fifth in River North, according to Crain’s.

JLL’s Chris Cassata and Craig Coupe will market the remaining three floors, roughly 45,000 square feet. Amenities include a rooftop deck, lounge, fitness center and bike room.

Construction officially began on the 12-story office building, in the middle of the booming River North area. Friedman Properties was recently approved for a 30-story office building nearby.

CA Ventures specializes in student and senior living, multifamily, industrial and office space. Chicago-based Midwest Property is a development and management firm that specializes in commercial properties in the Midwest.

JLL is marketing the property and is working to lease the remaining three floors of the building which is already 75 percent leased according to JLL. Chris Cassata, JLL executive vice president, and senior vice president Craig Coupe are leading the marketing effort to lease the property.

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