Raymond James to Consolidate Chicago Offices

Raymond James Financial is consolidating its Chicago operations into a newly renovated building in the West Loop with a Chicago River view.

The Florida-based financial giant has leased about 74,000 square feet across two floors in the 1.4 million-square-foot campus at 120 South Riverside Plaza, the Chicago Business Journal reported.

Cushman & Wakefield brokers Todd Brandon, Steve Schneider, Chip Evans and Presley Norby represented Raymond James in lease negotiations, while CBRE’s Kelsey Scheive and Kelsey Morgan represented landlord Ivanhoe Cambridge.

Raymond James will move to its new space next April, vacating its offices at 550 West Washington Street and 222 South Riverside. It’s unclear how much space the company occupies between those two locations, but it is possible the firm is reducing its footprint, just as many others in Chicago have done, which has added strain to the commercial market.

With the Raymond James, the two-tower Riverside Plaza property now has an occupancy rate of 72 percent, below the city average of 77 percent.

The move also prolongs the trend of companies favoring newly built or renovated office space, as it offers a better chance to lure employees back to the office and buck the work-from-home movement.

Recent upgrades to the site include expanded lobbies, a new tenant lounge, private outdoor areas, and indoor and outdoor exercise space, the outlet reported. In addition.

—Quinn Donoghue