Katten, Chubb Renew with Tishman Speyer at Chicago High-Rise
Companies finalize long-term commitments at 525 West Monroe in Chicago
Tishman Speyer 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 Chicago that is in the final stages of a major repositioning program.
Tishman Speyer signed a long-term extension with the 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.
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, will serve building occupants and the public breakfast and lunch, grab-and-go offerings, craft coffee and tea, as well as curated cocktails.
Developed by Tishman Speyer, 525 West Monroe is 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. Other 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.