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Commercial
Chicago

Trading company signs big downtown office lease

Building bucks pandemic trend, leased at over 96 percent

DRW Holdings' Don Wilson and 540 West Madison Street (University of Chicago, 540 West Madison)
DRW Holdings' Don Wilson and 540 West Madison Street (University of Chicago, 540 West Madison)

DRW Holdings has leased more than 60,000 square feet of office space, across two floors, at 540 W. Madison St. in the West Loop.

The move brings DRW’s total presence in the building to 200,000 square feet as it continues to add workers during the pandemic, according to Crain’s. It’s one of the largest office leases downtown since the pandemic began. The company’s lease expires at the end of 2029, Crain’s reported, citing CoStar Group.

“While we continue to offer flexibility and autonomy to our teams to work where they choose, we value collaboration and want to provide a great in-office working environment for our teams,” a DRW spokeswoman told Crain’s in a statement. “We have grown significantly over the last 24 months, both in our core businesses and new initiatives.”

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She added that the new lease will be used to expand the company’s meeting spaces and to expand amenities like cafes and fitness areas. The company now occupies floors 25 through 28 and part of the 31st floor.

DRW is the second-largest tenant in the Madison Street building, trailing only anchor-tenant Bank of America. The building was 96 percent leased before DRW’s decision to expand, bucking a trend toward higher vacancies in downtown office buildings during the pandemic. Several Loop office building owners recently defaulted on their properties and rising crime is deterring some companies from leasing space in the city’s trendy Fulton Market district.

Founded in 1992 by Don Wilson, DRW is one of Chicago’s biggest high-speed trading firms. The company has expanded into venture capital, cryptocurrency and real estate. Convexity Properties, one of its subsidiaries, co-developed the BMO Tower that opened last month next to Union Station.

[Crain’s] — Harrison Connery

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