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Commercial
Chicago

This firm is tripling its office space in Downtown Chicago

Trading company Old Mission Capital will sublease from tech firm PowerReviews, which is scaling back

1 N. Dearborn Street and Old Mission Capital COO Erica Avitia (Google Maps; LinkedIn)
1 N. Dearborn Street and Old Mission Capital COO Erica Avitia (Google Maps; LinkedIn)

The story of the Chicago office market during the pandemic has been a grim one, as an increasing number of companies have exited leases or scaled back and listed space for sublease.

At least one firm is bulking up, albeit inking a deal with a company that has decided to cut back.

Trading firm Old Mission Capital will sublease 38,000 square feet from tech company PowerReviews at 1 North Dearborn Street, according to Crain’s. The new office will more than triple the size of Old Mission’s existing headquarters, which encompasses 8,900 square feet at 314 West Superior Street.

Old Mission’s stated reason for the bigger office appears to be, in part, with a nod toward Covid.

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“Management also had a strong desire to offer team members more space to collaborate — at a safe distance,” Chief Operating Officer Erica Avitia said in a statement to Crain’s.

Meanwhile, PowerReviews seems to be headed in the opposite direction. The company said it plans to keep its staff working remotely until at least next summer while maintaining its reduced footprint, according to the report. Its existing lease at 1 North Dearborn runs through 2028.

“We actually kept the remainder of the space initially because we didn’t know how long Covid would last and/or what the rules for return to the office will be,” the company said in a statement to Crain’s. “Keeping the smaller space gives us some options.”

Numerous firms have in recent months announced they would shed office space in Chicago, including Cars.com and Groupon. [Crain’s] — Sasha Jones

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Chicago Office MarketCoronavirus