"We went through a search of relative alternatives in the immediate area," Miller tells GlobeSt.com. "They decided to stay within the Board of Trade primarily because of the synergies at that building, the history the company had in the building and the building's ability to support Crossland's heavy power requirements."
Anthony Johnson, of CME Group, represented the building in the lease. Crossland previously occupied about 4,000 sf in the building. To accommodate its expansion, the firm was offered one of the last blocks of contiguous space in the 24-story south building. The firm will operate out of the 17th floor.
William N. Goodwin, managing member with Crossland, said the company will use the increased space for a data center. The lease allows room for the firm's expansion in the future as its client base continues to grow, he said.
Miller says the company is expanding under a new business plan, using the space to make room for a few new employees. "Crossland is now offering a sole proprietorship for traders," Miller says. "It's a change in their business plan, and a new direction the electronic trading industry is heading in."
The Central Loop building is nearly fully occupied, Miller says, with asking lease rates around $30 per foot, gross. "We've been seeing more space put on the market to speak to lost tenants," Miller says of the submarket. "We're anticipating some serious sublease space coming on the market in the coming six months to a year. We anticipate a downturn in this market."
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