{"id":1004779262,"date":"2025-11-24T05:25:02","date_gmt":"2025-11-24T13:25:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004779262"},"modified":"2025-11-24T07:42:18","modified_gmt":"2025-11-24T15:42:18","slug":"usg-renews-chicago-hq-lease-shrinks-footprint","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/usg-renews-chicago-hq-lease-shrinks-footprint\/","title":{"rendered":"USG Renews Chicago HQ Lease, Shrinks Footprint"},"content":{"rendered":"\n<p>Building materials powerhouse USG Corp. has renewed its headquarters lease for 165,000 square feet at 550 W. Adams, in Chicago\u2019s West Loop submarket. Manova Partners, the building\u2019s owner, announced the transaction. Cushman &amp; Wakefield represented USG in the deal.<\/p>\n\n\n\n<p>The transaction reportedly marks an approximately 25 percent reduction from the roughly 221,000 square feet USG had leased in the building before.<\/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\/11\/550-W.-Adams.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004779287\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/usg-renews-chicago-hq-lease-shrinks-footprint\/550-w-adams\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/550-W.-Adams.jpg\" data-orig-size=\"800,620\" 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=\"550 W. Adams\" data-image-description=\"&lt;p&gt;Scott received this via e-mail&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Building materials powerhouse USG Corp. has renewed its lease at 550 W. Adams in Chicago\u2019s West Loop submarket. Image courtesy of Cushman &#038; Wakefield&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/550-W.-Adams.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/550-W.-Adams.jpg\" alt=\"The 550 W. Adams office building in Chicago\u2019s West Loop submarket\" class=\"wp-image-1004779287\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/550-W.-Adams.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/550-W.-Adams.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/550-W.-Adams.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><figcaption class=\"wp-element-caption\">Building materials powerhouse USG Corp. has renewed its lease at 550 W. Adams in Chicago\u2019s West Loop submarket. <em>Image courtesy of Cushman &amp; Wakefield<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The lease\u2019s term was not disclosed, but it was described as \u201clong-term\u201d and as maintaining USG as the building\u2019s anchor tenant well into the next decade.<\/p>\n\n\n\n<p>The 22-story, 467,477-square-foot, LEED Gold, Class A building was completed in 2006. Cushman &amp; Wakefield\u2019s relationship with USG dates back further, to a 2004 global headquarters lease that resulted in the development of 550 W. Adams.<\/p>\n\n\n\n<p>Cushman &amp; Wakefield will also provide project management services to USG as part of a renovation of the headquarters.<\/p>\n\n\n\n<p>USG\u2019s downtown headquarters is highly appropriate, because the company is a Chicago native, having been founded there in 1902 as United States Gypsum Corp.<\/p>\n\n\n\n<p>With more than 50 manufacturing facilities across North America, USG is the nation\u2019s largest producer of wallboard, a top maker of ceilings products, and the largest manufacturer of gypsum products overall in North America.<\/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\/how-much-office-space-does-a-chatbot-need\/\">How Much Office Space Does a Chatbot Need?<\/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>USG was represented by Vice Chair Chris Wood and Executive Director David Stefancic of Cushman &amp; Wakefield; Managing Director Mark B\u00e2by and Senior Associate Katie Hull of Stream Realty Partners represented Manova.<\/p>\n\n\n\n<p>550 W. Adams provides exceptional transportation access with its location between Union Station and the Ogilvie Transportation Center, as well as proximity to the Kennedy Expressway (I-90\/94).<\/p>\n\n\n\n<p>Last year, Manova completed a major renovation of the building\u2019s second-floor amenity space, adding a 50-seat conference facility, upgrading the tenant lounge, and installing a golf simulator and a fitness center with showers and locker facilities. This is consistent with current <a href=\"https:\/\/www.commercialsearch.com\/news\/office-industry-trends\/\">office building trends<\/a>, focused on hospitality-driven features.<\/p>\n\n\n\n<p>With the collaboration of Stream\u2019s B\u00e2by and Hull, Manova has completed almost 200,000 square feet of leasing at 550 W. Adams this year. This included new tenants Lyra Technology Group, 66degrees, Renovo Financial and Hirewell.<\/p>\n\n\n\n<p>Some of these firms moved to the building to take advantage of Manova\u2019s spec suite program, launched earlier this year. A second phase of spec suites, totaling 27,500 square feet, will be offered at the building later this year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-trying-to-hold-steady\">Trying to hold steady<\/h2>\n\n\n\n<p>In October, as part of a lease extension through 2037, <a href=\"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-signs-lease-expansion-in-chicago\/\">Texas-based Arrive Logistics added 20,600 square feet<\/a> to its footprint at Tishman Speyer\u2019s CME Center, for a total of 77,666 square feet. The company will reconfigure its Chicago offices across the full 23rd and 24th floors, as well as a portion of the 25th floor at CME Center\u2019s 30 S. Wacker Drive tower.<\/p>\n\n\n\n<p>Although the downtown Chicago office market is in more of a stable mode than growth mode right now, the West Loop has been the CBD\u2019s star, totaling 50.9 percent of recent new leasing, according to a third-quarter report from Cushman &amp; Wakefield. That amounted to 770,000 square feet, including Interactive Brokers\u2019 relocation of 67,000 square feet to 10 S. Riverside and Rewards Network\u2019s 41,000-square-foot lease at 525 W. Monroe.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cushman &#038; Wakefield represented the company in the transaction.<\/p>\n","protected":false},"author":882,"featured_media":1004779287,"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":[32799,52743,41306],"class_list":["post-1004779262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-chicago","category-midwest","category-latest","category-office","tag-cushman-wakefield","tag-manova-partners","tag-usg-corp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>USG Renews Chicago HQ Lease, Shrinks Footprint - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Building materials powerhouse USG Corp. has renewed the lease on its headquarters space at 550 W. 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