Milwaukee Tool is joining Uber, Walgreens, PepsiCo and Cisco in Chicago’s Old Post Office, the historic building that sat vacant for two decades before New York’s 601W bought the 1921 building for $130 million in 2016.
The maker of heavy tools is opening a new office that could create hundreds of jobs, Crain’s Chicago Business reported. The company leased almost 70,000 square feet in the 12-story building at 433 W Van Buren Street and plans to move in next year.
The company said it will be seeking to hire engineers. While the exact number of workers isn’t clear, based on typical employee density levels, the space could accommodate more than 300 people.
Retail analytics company ShopperTrak also recently signed a lease for more than 28,000 square feet on the fourth and fifth floors of the 2.8 million-square-foot building. Bitcoin ATM operator CoinFlip inked a long-term lease for 44,000 square feet in the same building.
The historic property underwent an $800 million renovation — the largest historic redevelopment in the country — that restored the building’s limestone facade, replaced more than 2,000 windows and stripped and replaced the structure’s old mechanical system.
According to Telos, the Old Post Office is now 90 percent leased.
Leasing volume in the city’s central business district jumped 74 percent from the second quarter to 1.86 million square feet and net absorption turned positive, ending a four-quarter streak of the opposite, according to a JLL office market report released at the beginning of the month.
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Here’s what tenants pay at 601W Cos.’ Old Post Office
[Crain’s] — Victoria Pruitt