Corona cut: Software products firm trims lease space at Shapack’s 167 N. Green

CCC Information Services’ deal for 125K sf at new Fulton Market office building from Shapack Partners and Focus is 30% less than previously announced

TRD CHICAGO /
Jul.July 08, 2020 10:04 AM
CCC Information Services’ CEO Githesh Ramamurthy and 167 North Green Street in Fulton Market. (Ramamurthy courtesy McKinsey & Company; 167GreenSt)

CCC Information Services’ CEO Githesh Ramamurthy and 167 North Green Street in Fulton Market. (Ramamurthy courtesy McKinsey & Company; 167GreenSt)

The coronavirus has poured a little cold water on the sizzling Fulton Market office scene.

In a sign of the times, CCC Information Services will scale back the amount of space the company will lease at Shapack Partners and Focus’ 750,000-square-foot office building, according to Crain’s.

CCC, which provides software to process auto insurance claims, will take 125,000 square feet at the under-construction building at 167 North Green Street, according to the report. That’s down from the 180,000 square feet that CCC was set to take when the deal was first reported in March. Cushman & Wakefield advised CCC on the lease.

The 17-story building’s other committed tenants include WeWork — which inked a deal for 140,000 square feet in April 2019 — along with financial consulting firm Duff & Phelp.

CCC will take three floors at 167 Green Street, as it’s called, making it the company’s corporate headquarters when it moves in next year, Crain’s reported. A spokesperson for CCC said it had been “evaluating the right space for the business for some time given its current lease is expiring.”

The work from home culture that the pandemic has foisted on the country has led to a massive reevaluation of office space needs, including from companies like Facebook, Twitter and Google.

Last month, freight tech firm Flexport abandoned its plans to lease 40,000 square feet at Sterling Bay’s latest office building, 333. N. Green St. in Fulton Market. The company said it was “reevaluating its real estate strategy as it explores a hybrid working model,” and added it will be “taking a closer look at the Chicago commercial real estate market…to determine the right office location and size for our team.”

Covid-19 has changed the outlook for the Chicago office market, and in the short-term, has led to a 20 to 25 percent drop in users of the downtown office market. That’s according to a recent assessment from Joe Schwieterman, director of DePaul University’s Chaddick Institute for Metropolitan Development. Before Covid, the Chicago’s office market was booming, with leasing activity having climbed to new heights as workers increasingly opted to live near their jobs, and investors and developers poured big money into mixed-use skyscrapers throughout the Loop and adjoining areas. [Crain’s] — Alexi Friedman


Related Articles

arrow_forward_ios
Gov. J.B. Pritzker (Credit: Paul Natkin/Getty Images, Jim Vondruska/NurPhoto via Getty Images, and Xinhua via Getty Images)

Small businesses hurt by Covid and looting get $46M in grant money

Small businesses hurt by Covid and looting get $46M in grant money
Leslie Hindman has listed the two-building property at 1332 and 1338 West Lake Street in Fulton Market.

Going once: Auctioneer lists her Fulton Market office, testing demand

Going once: Auctioneer lists her Fulton Market office, testing demand
Suburban new home purchases surged in the second quarter, propelled by record-low mortgage rates and the need for more space amid the pandemic. (iStock)

Chicago suburbs see surge in new home sales

Chicago suburbs see surge in new home sales
Vista Property principal Hymie Mishan, whose company is betting on the West Loop office market. (Images via Vista Property)

Vista Property plans 15-story office building in West Loop

Vista Property plans 15-story office building in West Loop
Chicago will direct $33 million to help renters and homeowners avoid eviction and foreclosure (iStock)

Chicago ups ante to help residents avoid eviction, foreclosure

Chicago ups ante to help residents avoid eviction, foreclosure
The former Target in Calumet City will be converted into a working farm (Google Maps)

For latest retail redevelopment, old Target will become new farm

For latest retail redevelopment, old Target will become new farm
(iStock)

Chicago’s office market hits ugly vacancy number

Chicago’s office market hits ugly vacancy number
The Chicago area is one of the most at-risk nationwide to rising home foreclosure rates, according to a recent report (iStock)

Treading water: Chicago housing market among most at-risk to foreclosure, report shows

Treading water: Chicago housing market among most at-risk to foreclosure, report shows
arrow_forward_ios

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

Loading...