Braze Inc., an online marketing company, signed a multiyear lease for 50,000 square feet of office space in the city’s East Loop neighborhood.
Braze signed the sublease agreement for the entire 10th floor of One North State in December, reports Chicago Business Journal. Savills, which represented Braze in the transaction, said the company chose the location for its easy commuter access. It will be subleasing the space from software company Showpad, which was represented in the deal by CBRE’s Allison Olszta, Brad Serot and Paul Reaumond
One North State, built in the early 20th century to house the flagship Mandel Brothers department store, was recently renovated to include a rooftop deck, fitness center and a large communal space with gaming areas and food providers. Braze is currently located at 20 N Upper Wacker Dr., just nine blocks from One North State.
“The full floor at One North State was fully built-out recently and offers the optimal configuration for a growing technology company. The existing conditions provided significant benefits for cost mitigation, as Braze only needs to make minimal modifications to the space,” Savills Vice Chairman Robert Sevim told the Business Journal in a statement. “Owner Shorenstein Properties has invested heavily in the property and created a best-in-class tenant amenity space, including an outdoor deck that is rare for an office building situated along State Street.”
The lease highlights companies’ desires for new amenities. Vivid Seats, an online ticket reseller, is also moving to State Street to be in a building with attractive amenities for employees. The recent deals could also be a sign that Chicago’s downtown office market is rebounding.
[Chicago Business Journal] – Harrison Connery