Claire’s Moving HQ to Lender-Owned Suburban Chicago Office

Claire’s is moving its headquarters from Hoffman Estates to a distressed office building near O’Hare International Airport, betting on a more modern workspace as the firm rebuilds from its bankruptcy sale.

The jewelry and accessories retailer signed a 43,200-square-foot lease at Columbia Centre III, a nine-story, 249,400-square-foot office building at 9525 West Bryn Mawr Avenue in the Chicago suburb of Rosemont, according to a Newmark statement, first reported by Crain’s.

The company expects to relocate early next year from 2400 West Central Road in Hoffman Estates, about 20 miles further west in an industrial property that served as both office and warehouse space for the company.

Newmark’s Sean Moran and John Clark, along with RCS Real Estate Advisors’ Spence Mehl, negotiated the Rosemont lease for Claire’s. Transwestern’s Joe Stevens and Steven Degodny represented building ownership.

The lease is notable as it comes after Columbia Centre III recently changed hands through distress. New York-based distressed debt specialist Rialto Capital took control of the three-building complex that includes Columbia Centre III in September to resolve a $29 million loan default tied to the prior owner, Canadian real estate firm Adventus Realty Trust, as previously reported by The Real Deal.

Distressed ownership can deter tenants concerned about future capital plans and landlord stability, yet Claire’s is proceeding with its lease even as it emerges from its own restructuring. Private equity firm Ames Watson acquired Claire’s in the fall for $140 million, weeks after the retailer filed for Chapter 11 bankruptcy protection.

A Claire’s spokesperson did not comment on the lease. Moran told Crain’s that Claire’s was seeking a modern and amenity-rich workspace that would support recruitment and retention efforts.

The deal increased occupancy at Columbia Centre III to 78 percent from 60 percent, according to public data tied to the building’s troubled loan. The debt had been packaged into commercial mortgage-backed securities, making performance metrics publicly available, with Rialto serving as special servicer for bondholders.

Even with the leasing boost, the property’s operating picture has been challenged. The most recent full-year figures for the loan show the building posted negative net income of nearly $400,000 in 2024, according to the outlet.

The headquarters shift follows another major real estate move by the retailer. Claire’s recently disclosed plans to relocate its warehouse from Hoffman Estates to a nearly 250,000-square-foot industrial building at 1100 Tollgate Road in Elgin, where construction was completed roughly two years ago.

— Eric Weilbacher