525 W. Van Buren, Chicago, IL

CHICAGO, IL—On behalf of AEW Capital Management, Jones Lang LaSalle arraned a lease with Upwork, the largest global freelancing website, for 67,730 square feet of space at 525 West Van Buren. The Silicon Valley-based startup launched its Chicago presence in 2017 with plans to take advantage of the city's growing tech scene.

Managing director Melissa Rubenstein and executive vice president Gary Kostecki led the JLL team on the deal on behalf of AEW. Allen Rogoway, managing principal, Janna Luce, principal, and Eric Nolin, project manager, all with Cresa, represented Upwork.

“This area of West Loop continues to emerge and the neighborhood is really establishing itself, especially with the redevelopment projects we are seeing take place at the Old Main Post Office and Union Station,” says Rubenstein. “It's what's attracting the newest wave of growing tech tenants like Upwork.”

“Upwork has seen a tremendous amount of success since establishing its Chicago roots just a year and a half ago,” says Rogoway. “It really speaks to the city's strength as a growing tech hub and the incredible depth of talent we have here in Chicago.”

AEW purchased the property in 2015 from a venture of New York-based Northwood Investors. Completed in 2002, the 16-story, class A office tower was designed by OWP/P Architects and includes 519,668 square feet of space. This year, AEW plans to transform the ground floor lobby with the addition of high-end finishes and installation of a floating stairwell to connect the lobby and mezzanine levels.

“As we look to transform some of our existing space at 525 West Van Buren this is a direct response to the tenants we are attracting to the building,” says Matt Tracy, director at AEW. “We really want to create a best-in-class environment throughout the entire building and we're looking forward to putting in place some very exciting changes for our tenant community.”