Hireology Shifts to Marshall Field in Loop Leasing Boost

Hireology is decamping for downtown Chicago’s Marshall Field building, marking a clean win for Brookfield Properties as it works to stabilize one of the Loop’s most ambitious office conversions.

The HR software firm signed a lease for just under 31,000 square feet on the eighth floor at 24 East Washington Street and will relocate next month from 303 East Wacker Drive, where its lease expires in January. The move, first reported by Crain’s, lands another tenant in the six-story block of offices Brookfield carved out above Macy’s State Street flagship.

Leasing has been steady but sporadic since the redevelopment debuted, and the building has been in a relative lull the past two years. Hireology joins Olam International, Numerator and Vivid Seats, among others, bringing the roughly 650,000-square-foot office component closer to full. It’s about 73 percent leased today, excluding the new deal.

Cushman & Wakefield’s Ari Klein, Scott Shelbourne and Jeff Skender represented Hireology. Jack O’Brien and JD Parcheta handle leasing for the 24 East Washington Street building.

Hireology is taking a spec suite in a space prebuilt out by Brookfield to speed up occupancy for office clients seeking plug-and-play workplaces. Companies reluctant to sink time and capital into custom build-outs have gravitated toward these packages, which offer modern finishes and predictable pricing when construction costs keep climbing.

Hireology CEO Adam Robinson framed the relocation as both a move for growth and to ease commuting. With about 100 Chicago area employees now required to be in the office three days a week, he told the outlet that the team needed a more accessible site than Wacker Drive east of Michigan Avenue. Hireology considered cutting its space by as much as 30 percent, but ultimately decided on a near match to allow for customer visits and periodic travel by staff based outside Chicago. Downsizing would have diluted in-office culture and productivity, Robinson told Crain’s.

The shift leaves the building at 303 East Wacker with a hole to fill. The 30-story tower was acquired last year at a steep discount by a partnership of 601W and David Werner Real Estate Investments, which secured a new mortgage with $30 million earmarked for leasing costs.

— Eric Weilbacher