Rendering of the Northeast Plaza of the Old Main Post Office. Credit: Gensler
CHICAGO—In another large deal at the Old Post Office Building here, Chicago Board Options Exchange (Cboe Global Markets) reports it will relocate its headquarters to 185,000 square feet at 433 W. Van Buren St. next year and build a new trading floor on West Jackson Boulevard here.
Cboe plans to relocate approximately half of its employees from its current headquarters at 400 LaSalle St. in Chicago and take occupancy of its new office space at the 2.3-million-square-foot Old Post Office building in the second half of 2020.
Cboe, one of the world's largest exchange holding companies, also plans to build a new trading floor and office space at 141 W. Jackson Blvd. totaling another 40,000 square feet and have operations begin there in 2021.
The company announced its plans to Cboe employees at a global Town Hall meeting on Tuesday. The company signed a 15-year lease, with a five-year renewal option, for its new space in the Old Post Office building and a 12-year lease for its new space in 141 W. Jackson. The company plans to sell its current building.
The Old Post Office is being redeveloped by 601W Companies, which is represented in leasing by the Telos Group. 141 W. Jackson is owned by a partnership between Glenstar and Oaktree Capital, and leased and managed by Glenstar.
"Our primary goal in selecting a new headquarters was to provide a unique, state-of-the-art environment for our employees and customers—one befitting an innovative company operating at the forefront of financial markets around the world," says Ed Tilly, chairman, president and CEO of Cboe Global Markets. "After a rigorous evaluation process, the Old Post Office was determined to be the ideal fit as its renovation is transforming this landmark building into a showcase property with world-class features and amenities."
He adds, "Cboe has played a critical role in making Chicago the financial derivatives capital of the world and continues to draw a community of traders, clearing firms and other market participants to the city. Relocating our headquarters to the Old Post Office reinforces our commitment to maintaining Chicago's status as a key financial center in the global economy."
Cboe plans to build its new trading floor on the seventh and eighth floors at the historic Chicago Board of Trade Building that is home to several banks, trading firms and others in the financial industry. The Cboe trading floor will include trading pits for S&P 500 Index (SPX) options and Cboe Volatility Index (VIX) options. The new Cboe trading floor build-out will occupy the same area that housed Cboe trading pits in the late '70s and early '80s, until Cboe moved to its current headquarters in 1984.
Holly Duran Real Estate Partners of Chicago is Cboe's primary real estate advisor, with managing broker Holly Duran and partner Jeff Mulder leading the efforts on these transactions.
Cboe has commissioned CannonDesign as its design firm for the project. CannonDesign will help Cboe with design, workplace strategy, change management and engineering services. Pepper Construction is the general contractor for the build of Cboe's new spaces.
Cboe is represented by outside counsel Jenner & Block.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
