Expansive to Open 7th Chicago Coworking Location
Expansive will open a new flexible workspace location in Chicago at Two Pru, a nearly 1.1 million-square-foot Class A office tower.
The company’s expansion is made in partnership with Wanxiang Real Estate Group and Riverside Investments. This is Expansive’s seventh location in the metro.
The flex office provider will take space at the building’s 35th floor, previously occupied by Regus. Expansive’s new location is currently under renovation, with plans calling for private offices, on-demand meeting rooms, coworking spaces and day offices. The upgrades are slated for completion this month, with an official opening ceremony scheduled for October.
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Notable tenants at the two-building office property include Amsted Industries Inc., Presidio Aircraft Leasing, The Chicago Council on Global Affairs, Eckenhoff Saunders Architects, Envisionit and The Terry Group, according to CommercialEdge.
A closer look at One & Two Pru
Wanxiang Real Estate Group is the majority owner of One and Two Pru since 2018, when it purchased the majority of interest in the property for $680 million, the same source shows. The company owns the asset together with Sterling Bay, which retained a minority ownership stake. At the time of the sale, the two-building property became subject to a $389 million loan provided by CW Capital, with a maturity date set for 2027. The ownership is currently investing $50 million in upgrades, focusing on extending the tenant amenities, while the mortgage can be extended until 2029, The Real Deal reported.
The Pru, formerly known as Prudential Plaza, includes two office properties totaling 2.3 million square feet in Chicago’s Lakeshore East neighborhood.
One Pru, at 130 E. Randolph St., is totaling 1.3 million square feet of space across 41 stories. Originally completed in 1955 and renovated in 2014, the high-rise features 30 passenger elevators, floorplates ranging between 22,000 and 70,000 square feet and 336 parking spots.
Two Pru is totaling 1.1 million square feet at 180 N. Stetson Ave. Rising 58 stories, the property came online in 1990 and offers 21,000-square-foot floorplates, 30 passenger elevators and 608 parking spots.
The amenity package includes a 7,000-square-foot rooftop terrace with lounge spaces, 23,000-square-foot tenant lounge, fitness center, space for nursing parents and a public park with outdoor seats. The amenities at One and Two Pru are currently undergoing multiple upgrades, which will include the addition of golf simulators, an entertainment area, a 22,000-square-foot conference center, an extended tenant lounge and rooftop terrace.
The two-building office asset is at the edge of Grant Park, in the city’s central business district, close to multiple train and bus stations. The Chicago Midway International Airport and Chicago O’Hare International Airport are 12 and 18 miles away, respectively.
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