ThoughtWorks relocated from a 45,000-sf space in the West Loop at 651 W. Washington Blvd. The business had been a tenant in the West Loop building since 1998 and was the largest tenant. Although the space in the Aon Center is slightly larger, the size difference will be negligible, Scott Kulberg, managing director for Studley Inc., tells GlobeSt.com. "This is a sublease, so it is hard for them to subdivide the space. It is approximately the same size of where we came out of," Kulberg says.
Several factors came into play for moving into the 2.5-million-sf Aon Center, including the building's reputation and the location with views of Lake Michigan, Millennium Park and Grant Park, Kulberg says. In addition, the space at the Aon Center was fully furnished and no renovation was needed, he says. Several locations were considered in the Loop before the Aon Center was chosen, he says. Kulberg would not disclose the other locations.
The tower was chosen, in part, because of the "cost-effective rental rate," according to a released statement. Kulberg would not disclose the length of the lease or the lease rate. Average office lease rates in the East Loop are between $27.88 to $32.74, according to a Grubb & Ellis third-quarter report. "It was just the right opportunity for them and they were able to move to the East Loop," Kulberg says. "They liked the building. They liked the space. They liked the location. It was just a really good fit for them," he says.
Kulberg and Joe Learner, executive vice president for Studley, represented ThoughtWorks. Mark Gunderson, vice president of Jones Lang LaSalle, represented Wells.
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