{"id":1004774245,"date":"2025-10-10T00:58:51","date_gmt":"2025-10-10T08:58:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004774245"},"modified":"2025-10-10T01:01:48","modified_gmt":"2025-10-10T09:01:48","slug":"tishman-speyer-signs-lease-expansion-in-chicago","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-signs-lease-expansion-in-chicago\/","title":{"rendered":"Tishman Speyer Signs Lease Expansion in Chicago"},"content":{"rendered":"\n<p>Arrive Logistics has added 20,600 square feet to its Chicago footprint at Tishman Speyer\u2019s CME Center for a total of 77,666 square feet as part of a lease expansion through 2037. The deal makes it the latest logistics company to expand in Chicago over the past five years, bucking a trend that has seen other companies shed some of their downtown office space in the wake of the pandemic.<\/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\/2025\/03\/CME-Center.jpg\"><img decoding=\"async\" data-attachment-id=\"1004751965\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-signs-240-ksf-lease-extension-in-chicago\/cme-center-4\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/CME-Center-e1770984689742.jpg\" data-orig-size=\"1405,1055\" 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;&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=\"CME Center\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;CME Center\u2019s twin 40-story office towers are connected by a 10-story center structure. Image courtesy of Tishman Speyer&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/CME-Center-e1770984689742.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/CME-Center.jpg\" alt=\"Exterior shot of CME Center in Chicago\" class=\"wp-image-1004751965\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">CME Center\u2019s twin 40-story office towers are connected by a 10-story central structure. <em>Image courtesy of Tishman Speyer<\/em><br><\/figcaption><\/figure><\/div>\n\n\n<p>The firm will reconfigure its Chicago offices across the entire 23rd&nbsp;and 24th&nbsp;floors, as well as a portion of the 25th&nbsp;floor at CME Center\u2019s 30 S. Wacker Drive tower.&nbsp;The 2.3 million-square-foot office complex also includes another 40-story tower at 10 S. Wacker Drive.<\/p>\n\n\n\n<p>Arrive&nbsp;Logistics\u2019&nbsp;expansion at&nbsp;CME Center&nbsp;is its third since first opening offices at the campus a decade ago. Founded in 2014, Arrive Logistics expanded from a 10-person team to nearly 2,000 employees across nine North American offices.<\/p>\n\n\n\n<p>Jonathan Schoonmaker, Arrive\u2019s Chief People Officer, told <em>Crain\u2019s Chicago Business <\/em>the company needed more office space because it plans to add about 100 new jobs next year to the 470 employees it currently has in the Windy City. <\/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\/tishman-speyer-signs-240-ksf-lease-extension-in-chicago\/\">Where Office Visits Are Spiking Now<\/a><\/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>Schoonmaker said Arrive employees usually work five days a week in the office. The expansion will enable the firm to consolidate space it currently has across the center\u2019s two towers. Arrive plans to phase in the work over the next year, according to <em>Crain\u2019s.<\/em><\/p>\n\n\n\n<p>Terry Herlihy of NAI Hiffman negotiated on behalf of Arrive, while Tishman Speyer was represented by an in-house team of Ellen May and Isabella Rapken.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-cme-center-upgrades\">CME Center upgrades<\/h2>\n\n\n\n<p>Tishman Speyer acquired the trophy office complex in 2007 for $686 million, according to Yardi Research Data. Completed in phases between 1983 and 1987, the LEED Platinum-certified property comprises two high-rises connected by a 10-story center structure and a 500-car parking garage. The towers feature large floor-to-ceiling windows, floorplates of approximately 29,000 square feet and up to 16 corner offices per floor.<\/p>\n\n\n\n<p>CME Center includes 24-hour fitness facilities and ZO Clubhouse, an amenity center featuring a lounge, library, bar area, boardroom, huddle and wellness rooms, as well as a multi-purpose conference center with seating for up to 175 people.&nbsp;Working with architects Kreuck Sexton Partners, Tishman Speyer recently completed an upgrade of the property\u2019s lobby, facade and entrances. <\/p>\n\n\n\n<p>In addition to Arrive, notable tenants include Chicago Mercantile Exchange, which recently extended its commitment to the campus, but also Wells Fargo, Reed Smith and RSM. <\/p>\n\n\n\n<p>Another significant tenant is BP, which <a href=\"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-signs-240-ksf-lease-extension-in-chicago\/\">signed a 240,000-square-foot lease extension<\/a> at the property earlier this year. The oil and gas multinational company has been occupying the entire seventh through 10th floors of 10-30 S. Wacker Drive since 2009. The current deal will keep its Chicago office there at least through 2032.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-opportunities-in-chicago-s-office-market\">Opportunities in Chicago&#8217;s office market<\/h2>\n\n\n\n<p>While there are still challenges in Chicago&#8217;s Central Business District, including a 26.6 percent office vacancy rate in the third quarter, there are also positive signs, particularly in the West Loop. The CBD recorded 1.5 million square feet of new leasing activity in the third quarter, a 2.6 percent decrease quarter-over-quarter for a year-to-date new leasing total of 4.6 million square feet, according to a Cushman &amp; Wakefield report. The West Loop accounted for 50.9 percent of the new leasing.<\/p>\n\n\n\n<p>While new construction has been limited, The Bell, located at 225 W. Randolph in the West Loop, recently completed a $150 million full-building renovation. The property secured 619,000 square feet of new leases, Cushman &amp; Wakefield noted.<\/p>\n\n\n\n<p>Yardi Research Data\u2019s July report on the <a href=\"https:\/\/www.commercialsearch.com\/news\/chicago-office-activity-picks-up-construction-still-dull\/\">Chicago office market<\/a> also cited positive outlooks, including $759 million in office sales year-to-date as of April and an office development pipeline of 809,168 square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Texas-based tenant has also extended its Windy City footprint through 2037.<\/p>\n","protected":false},"author":1068,"featured_media":1004751965,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1491,13,21742,21747],"tags":[33224],"class_list":["post-1004774245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-chicago","category-midwest","category-latest","category-office","tag-tishman-speyer"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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