Fintech Firm Signs 42 KSF Lease in Chicago
Fintech company NinjaTrader Group has signed a 41,929-square-foot lease at 222 N. LaSalle St., a more than 1 million-square-foot office building in Chicago. Avison Young brokered the deal on behalf of the tenant, while Tishman Speyer represented the landlord. Henry Crown and Co. is the owner of the building, according to CommercialEdge.
This marks the tenant’s third expansion within the market in less than five years. The firm moved from a 6,471-square-foot space in River North to 19,581 square feet at the current building and also expanded in 2023.
With this commitment, NinjaTrader will occupy the full forth floor of 222 N. LaSalle St. The building’s tenant roster also includes Foran Glennon, Great Dane and Near North National Title, CommercialEdge information shows.
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The owner acquired the asset in January 2006 from Folksam for $120 million and took out a $100 million loan funded by TIAA, according to the same source. That note is set to expire next year.
Located within the city’s business district, the transit-oriented 222 N. LaSalle St. is less than 11 miles from Chicago Midway International Airport.
Dating back to 1927, the 26-story building went through cosmetic renovations in 1986. The LEED Gold-certified high-rise also includes some 22,650 square feet of retail space, offering floorplates averaging 45,042 square feet. Amenities include an on-site conference center, lounge, 128-seat auditorium and a fitness center.
Avison Young Principals Chris O’Leary and Jeff Lindenmeyer represented NinjaTrader Group in the transaction.
Chicago’s vacancy rate remains under national average
Chicago’s office vacancy rate at the end of February reached 18.8 percent, 70 basis points higher year-over-year, but slightly below the 19.7 percent national average, according to the latest CommercialEdge office report. The metro’s average listing rate during the same period clocked in at $27.2, marking a 100-basis-point decrease compares to last year’s January.
Early this year, ComPsych Corp. downsized its Chicago footprint to only 50,000 square feet at One Pru, within the city’s downtown. The firm will move from its current 152,000-square-foot space at NBC Tower.
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