CHICAGO—PowerReviews, a Chicago-based software firm, has just decided to double the amount of space it occupies in the CBD. The company signed a lease for 52,000 square feet at 1 N. Dearborn St., a significant expansion from the 21,000 square feet it currently leases at 180 N. LaSalle St. CBRE negotiated the long-term lease on the firm's behalf.
“This is the fourth move we have worked on with CBRE. It is important to have partners that you trust so you can move quickly,” says Matt Moog, chief executive officer, PowerReviews “We have more than doubled our size in the past year. We will now have space for more than 300 employees as we continue to grow and add new positions.”
Such moves have become increasingly important to office markets around the US, including Chicago. JLL recently studied the office leasing activity in 45 top US metro areas for leases of 20,000 square feet or more, and the data show the technology sector drove nearly 25% of this activity over the past two years. Furthermore, 63% of the tech leases involved expansions like PowerReviews', compared to about 48% of leases overall.
Brad Serot, executive vice president, and Jarrett Annenberg, senior vice president, with CBRE's advisory and transactions services, represented PowerReviews in the transaction.
Located in the center of Chicago's Loop, 1 N. Dearborn is a 17-story office tower built in the early 1900s that offers tenants such amenities as a fitness center, conference facilities, a rooftop terrace and tenant lounge, as well as direct access to public transportation via CTA and Metra train lines. PowerReviews will occupy its new space in April of 2017.
“We continue to see excellent growth from technology firms in Chicago,” says CBRE's Serot. ”PowerReviews is a leader in this sector and this move demonstrates the firm's long-term commitment to Chicago and its employees. This office will be some of the most progressive and creative space in the city—with plenty of access to light, air, high ceilings, outdoor space and a 7,000-square-foot fitness center.”
PowerReviews works with more than 1,000 global brands and retailers to increase conversion and improve products and the customer experience with ratings and reviews and Q&A software.
CHICAGO—PowerReviews, a Chicago-based software firm, has just decided to double the amount of space it occupies in the CBD. The company signed a lease for 52,000 square feet at 1 N. Dearborn St., a significant expansion from the 21,000 square feet it currently leases at 180 N. LaSalle St. CBRE negotiated the long-term lease on the firm's behalf.
“This is the fourth move we have worked on with CBRE. It is important to have partners that you trust so you can move quickly,” says Matt Moog, chief executive officer, PowerReviews “We have more than doubled our size in the past year. We will now have space for more than 300 employees as we continue to grow and add new positions.”
Such moves have become increasingly important to office markets around the US, including Chicago. JLL recently studied the office leasing activity in 45 top US metro areas for leases of 20,000 square feet or more, and the data show the technology sector drove nearly 25% of this activity over the past two years. Furthermore, 63% of the tech leases involved expansions like PowerReviews', compared to about 48% of leases overall.
Brad Serot, executive vice president, and Jarrett Annenberg, senior vice president, with CBRE's advisory and transactions services, represented PowerReviews in the transaction.
Located in the center of Chicago's Loop, 1 N. Dearborn is a 17-story office tower built in the early 1900s that offers tenants such amenities as a fitness center, conference facilities, a rooftop terrace and tenant lounge, as well as direct access to public transportation via CTA and Metra train lines. PowerReviews will occupy its new space in April of 2017.
“We continue to see excellent growth from technology firms in Chicago,” says CBRE's Serot. ”PowerReviews is a leader in this sector and this move demonstrates the firm's long-term commitment to Chicago and its employees. This office will be some of the most progressive and creative space in the city—with plenty of access to light, air, high ceilings, outdoor space and a 7,000-square-foot fitness center.”
PowerReviews works with more than 1,000 global brands and retailers to increase conversion and improve products and the customer experience with ratings and reviews and Q&A software.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
