Tishman Speyer today announced that it has secured major lease extensions with Katten and Chubb, two of its longest standing customers at 525 West Monroe Street, its West Loop office building in the final stages of a major repositioning program.
Tishman Speyer signed a long-term extension with the pre-eminent law firm Katten, which was among the first companies to commit to 525 West Monroe upon its completion in 1983. Katten will maintain its headquarters across 204,000 square feet in the high-rise. As part of the transaction, Tishman Speyer will create two new outdoor terraces for Katten’s exclusive use.
Tishman Speyer also finalized a 92,032-square-foot extension with Chubb, which has been based at the 25-story tower for more than two decades. The world’s largest publicly traded property and casualty insurance company will gather its local workforce together from three Downtown Chicago offices in newly-designed space.
Katten’s and Chubb’s commitments come as Tishman Speyer finalizes a major redevelopment of 525 West Monroe, including a new outdoor plaza, entrances and lobby. Designed by Michaelis Boyd Associates and MDEAS, the hospitality-focused lobby and biophilic exterior entrance will incorporate a variety of seating areas for gathering, working and dining. Sleek lighting, a curved welcome desk and curated art will accent the stylish space.
Tishman Speyer is also introducing The Foyer, an all-day café concept created in partnership with Infuse Hospitality. The Foyer, which will encompass a bar and table service plus outdoor patio seating, is designed to flow seamlessly into the tower’s ground floor lobby. It will serve building occupants and the public fresh-to-order breakfast and lunch, grab-and-go offerings, craft coffee and tea, as well as curated cocktails.
In addition to the ground floor transformation, 525 West Monroe’s customers and their guests now have access to Zo. Clubhouse, a premium amenity center and lounge that Tishman Speyer opened on the 23rd floor. The Clubhouse provides beautifully designed lounge areas, elevated meeting space for 8-150 people and private event space for building customers.
“We are thrilled by the opportunity to extend our long-term relationship with both Katten and Chubb,” said Tishman Speyer Managing Director Nooshin Felsenthal. “Their renewed commitments speak to the broader demand among leading companies to house their workforces in top-tier environments supported by world-class operators that possess the resources and proven ability to cultivate unique and dynamic tenant experiences.”
Developed by Tishman Speyer, 525 West Monroe is ideally located just one block from Chicago Union Station and surrounded by the West Loop’s many corporate headquarters, restaurants and shops. With the Katten and Chubb extensions, the 900,000-square-foot tower is now 83 percent leased to a roster of premier companies from a wide range of industries. Other notable tenants include LinkedIn and Associated Bank.
Tishman Speyer is currently marketing a 120,000-square-foot block of space, which will become available in early 2024 at 525 West Monroe.
CBRE represented both tenants in their transactions. Todd Lippman, James Whalen and Kyle Kamin represented Katten, while Mr. Lippman, Jon Milonas and Maura Flanagan represented Chubb. Tishman Speyer was represented in-house by Ellen May and Olivia Parker.
About Tishman Speyer (tishmanspeyer.com)
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 33 key markets across the United States, Europe, Asia and Latin America. Our portfolio spans market rate and affordable residential communities, premier office properties and retail spaces, industrial facilities, and mixed-use campuses. We create state-of-the-art life science centers through our Breakthrough Properties joint venture, and foster innovation through our strategic proptech investments. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers’ evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO., and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 522 properties, totaling 218 million square feet, with a combined value of over $129 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.