{"id":1004727974,"date":"2024-09-06T03:51:40","date_gmt":"2024-09-06T11:51:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004727974"},"modified":"2024-09-09T00:23:36","modified_gmt":"2024-09-09T08:23:36","slug":"expansive-to-open-7th-chicago-coworking-location","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/expansive-to-open-7th-chicago-coworking-location\/","title":{"rendered":"Expansive to Open 7th Chicago Coworking Location"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/TWO-PRU-e1725616054535.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"450\" data-attachment-id=\"1004728163\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/two-pru-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/TWO-PRU-e1725616054535-edited.jpg\" data-orig-size=\"600,450\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"TWO PRU\" data-image-description=\"&lt;p&gt;Two Pru&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Two Pru is rising 58 stories. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/TWO-PRU-e1725616054535-edited.jpg?w=600\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/TWO-PRU-e1725616054535-edited.jpg\" alt=\"Two Pru at 180 N. Stetson Ave.\" class=\"wp-image-1004728163\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/TWO-PRU-e1725616054535-edited.jpg 600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/TWO-PRU-e1725616054535-edited.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><figcaption class=\"wp-element-caption\">Two Pru rises 58 stories at 180 N. Stetson Ave.<em> Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Expansive will open a new <a href=\"https:\/\/www.commercialsearch.com\/coworking-space\/us\/il\/chicago\/?CoworkingWorkspaceTypes=0&amp;MapView=True\" target=\"_blank\" rel=\"noreferrer noopener\">flexible workspace location in Chicago<\/a> at Two Pru, a nearly 1.1 million-square-foot Class A office tower. The company\u2019s expansion will come to fruition through a partnership with Wanxiang Real Estate Group and Riverside Investments. <\/p>\n\n\n\n<p>This is Expansive&#8217;s seventh location in the metro. The flex office provider will occupy the building\u2019s 35th floor, previously leased by Regus. <\/p>\n\n\n\n<p>Expansive\u2019s new location is currently under renovation, plans calling for private offices, on-demand meeting rooms, coworking spaces and day offices. Upgrades are slated for completion this month, with an official opening ceremony scheduled for October.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/managing-coworking-building-brands-building-experiences\/\">Managing Coworking: Building Brands, Building Experiences<\/a> &nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Two Pru is part of The Pru, the 2.3 million-square-foot office complex formerly known as Prudential Plaza. Notable tenants at the property include Amsted Industries Inc., Presidio Aircraft Leasing, The Chicago Council on Global Affairs, Eckenhoff Saunders Architects, Envisionit and The Terry Group, according to CommercialEdge.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-closer-look-at-one-and-two-pru\">A closer look at One and Two Pru<\/h2>\n\n\n\n<p>Wanxiang Real Estate Group has been the majority owner of The Pru since 2018, when it purchased the majority stake in the property for $680 million, the same source shows. The company owns the asset together with Sterling Bay, which retained a minority stake. <\/p>\n\n\n\n<p>At the time of the sale, the two-building asset became subject to a $389 million loan provided by CW Capital, with a maturity date set for 2027 and a two-year extension option. The ownership is currently investing $50 million in upgrades, with a focus on tenant amenities, <em>The Real Deal <\/em>reported.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/ONE-PRU-e1725617322133.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004728127\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/expansive-to-open-7th-chicago-coworking-location\/one-pru\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/ONE-PRU-e1725617322133.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"ONE PRU\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;One Pru is rising 41 stories in Chicago&#8217;s central business district. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/ONE-PRU-e1725617322133.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/ONE-PRU-e1725617322133.jpg\" alt=\"One Pru is rising 41 stories in Chicago's central business district.\" class=\"wp-image-1004728127\" style=\"width:400px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/ONE-PRU-e1725617322133.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/ONE-PRU-e1725617322133.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">Located at at 130 E. Randolph St., One Pru rises 41 stories in Chicago&#8217;s central business district.<em> Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>One Pru, at 130 E. Randolph St., comprises 1.3 million square feet across 41 stories. Completed in 1955 and renovated in 2014, the high-rise features 30 passenger elevators, floorplates ranging between 22,000 and 70,000 square feet and 336 parking spots.<\/p>\n\n\n\n<p>Two Pru rises 58 stories at 180 N. Stetson Ave. The 1.1 million-square-foot property came online in 1990 and features 21,000-square-foot floorplates, 30 passenger elevators and 608 parking spots.<\/p>\n\n\n\n<p>The amenity package includes a 7,000-square-foot rooftop terrace with lounge spaces, 23,000-square-foot tenant lounge, fitness center, space for nursing parents and a public park with outdoor seats. The amenities at One and Two Pru are currently undergoing multiple upgrades, which will include the addition of golf simulators, an entertainment area, a 22,000-square-foot conference center, an extended tenant lounge and rooftop terrace.<\/p>\n\n\n\n<p>The Pru is at the edge of Grant Park, in the city\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/uli-special-report-the-past-present-future-of-cbds\/\" target=\"_blank\" rel=\"noreferrer noopener\">central business district<\/a>, close to multiple train and bus stations. The Chicago Midway International Airport and Chicago O\u2019Hare International Airport are 12 and 18 miles away, respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The flex office provider will occupy the 35th floor of a Class A tower.<\/p>\n","protected":false},"author":2991,"featured_media":1004728127,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1491,52118,13,21742],"tags":[51550,33248,51051],"class_list":["post-1004727974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-chicago","category-coworking","category-midwest","category-latest","tag-riverside-investment-development","tag-sterling-bay-company","tag-wanxiang-america-real-estate-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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