Flexible Workspaces Keep Growing in the CBD
One of the nation’s fastest growing providers has decided to nearly double its footprint in the central business district.
CHICAGO—The demand for flexible workspaces in Chicago keeps growing, and one of the nation’s fastest growing providers has decided to nearly double its footprint in the central business district. Convene, which recently signed a lease for 55,000 square feet at Willis Tower, will open another metro location in 2019 at 131 S. Dearborn, also known as the Citadel Center. The firm will manage full-service, tech-enabled meeting and event spaces that can accommodate up to 450 people. The 50,000-square-foot, 15-year lease spans the tower’s ground and second floors.
The owners of both properties have begun significant renovations. A partnership of Angelo Gordon, Hines and Dearborn Capital owns Citadel Center and recently launched a $100 million upgrade, and Equity Office has said it would invest $500 million in its Willis Tower, the first major renovation in the 110-story building’s history.
“We’ve seen incredible demand from the Chicago market for both our state-of-the-art, tech-driven meeting and event spaces and our office building amenity platform,” says Ryan Simonetti, chief executive officer and co-founder of New York City-based Convene. “For building owners like Angelo Gordon, Hines, Equity Office, and other top property owners who are repositioning their assets to be more responsive to modern tenant needs, Convene’s purpose-built meeting spaces and tenant services provide tremendous value.”
The Citadel owners will add a roof deck, a 10,000-square-foot fitness center, tenant building lounge and renovate the lobby. They expect to complete the work by the end of 2018.
Convene plans to open its Willis Tower space in 2020. It will offer contemporary meeting and collaboration spaces along with a dedicated meeting planning team, an on-site culinary team that prepares seasonal menus, robust technology infrastructure, and unlimited access to the building’s snack and refreshment stations.
“We aim to make Citadel Center one of the most highly amenitized buildings in Chicago and we are excited to have Convene become part of the Citadel Center community,” says Scott Glassberg, vice president of Angelo Gordon. “We are committed to creating active communal environments at our buildings to create a better tenant experience, and we believe Convene will play a big role in helping us to foster this at Citadel Center.”
A JLL brokerage team of Craig Coupe, senior vice president, and Matt Carolan, executive managing director, represented Convene in the transaction. The Citadel partnership was represented by the team of Danny Jacobson, Meredith Oliver and Luke Molloy of CBRE.