CHICAGO-Trading firm RJ O’Brien & Associates LLC has subleased 13,586 square feet of office at 222 S. Riverside Plaza for four years to Peerless Network Inc., a telecommunications company. Peerless will occupy the space as its headquarters, moving from just more than 9,000 square feet in 225 W. Washington St.

The 1.2-million-square-foot building, which opened in 1971, is 97% leased, but that includes RJ’s 65,000 square feet. The company moved in three years ago and intended to expand into the space, but that hasn’t happened, says Alex Smith with Cushman & Wakefield. Smith and Jordan Rovito represented Peerless in the sublease.

“The space fit perfectly with Peerless’ needs, with offices overlooking the Chicago River and fully furnished, plus a rental rate significantly less than direct space,” Smith tells GlobeSt.com. He says the asking direct rental rate in the building is $22 per square foot, net, and $36 per square foot, gross. The tower, also known as Gateway Plaza Two, is owned by Behringer Harvard. Richard Schuham and Marc Brash with Studley represented RJ in the sublease.

Smith said leasing for four years isn’t unusual for such a small space, and it’s possible that Peerless will be looking to grow again. The telecom company has already grown from just a handful of employees to about 40 workers, he says.

The office market in the West Loop area has been holding up well, Smith says. “You look at other buildings in the area, such as 10 and 20 S. Riverside, they’re also more than 90% leased. Well-located properties near the train station, with competitive rental rates, are still holding up,” he says.