Tishman Speyer Signs Huntington Bank For Loop Lease Extension

As tenants around the Loop look to shrink their office space, Huntington Bank is expanding.

The bank signed a decade-long lease for nearly twice its original amount of square footage at 222 North LaSalle Street, according to Crain’s. The new lease takes the 37,677 square feet from the previous lease and expands it to 60,900 square feet.

Huntington Bank’s expansion is the latest in a series of leasing wins for property manager Tishman Speyer. Law firm Vedder Price re-upped its 163,000-square-foot lease to the tune of a dozen years. NinjaTrader upgraded its workspace, and Croke Fairchild Duarte & Beres is moving in this summer. Duarte & Beres upgraded to 40,000 square feet from the 25,000 square feet it used to lease across 180 North LaSalle Street and 191 North Wacker Drive. NinjaTrader added 15,700 square feet to their lease.

New York-based Tishman Speyer said that recent renovations by the Chicago-based Crown family, who own the building, have given the property a boost in attractiveness to tenants. Specifically, they highlight the improved lobby and new refreshment offerings, according to the outlet. 222 North LaSalle Street now sits at 87 percent leased, 15 percent above the downtown average.

The Loop, and every other office space market in the country, is still trying to figure out how to attract tenants in a post-pandemic, hybrid workforce world. Part of the solution, according to the publication, has been to emphasize trophy offices with plenty of amenities for high profile companies. Others are pushing redevelopment efforts forward, across downtown Chicago, vacant office space is being transformed into hotels, multifamily units, or retail space.

While others make the pivots, Tishman Speyer is seeing success in straight leasing, not just in Chicago but their home market of New York. The Wheeler at 422 Fulton Street is now fully occupied following the addition of Brooklyn Defender Services’ 31-year lease for 212,000 square feet, according to the firm.

— Hunter Cooke