Office

In relocating to Warren Corporate Center, Everest, which is headquartered in Bermuda, is expanding the footprint of the corporate headquarters of its U.S. operations by more than 80,000 square feet.

The merger, which was effective on July 1, will have the combined company operate under the Cresa name. All employees of both firms were retained.

The firm will be relocating from its current space at 71 S. Wacker Drive in early 2020 to 30,405 square feet of space, which will encompass the entire 84th floor of the 110-story tower.

Hunt Real Estate Capital, Iron Bridge Capital LLC and the Charleston Digital Corridor have partnered to develop the 92,000SF creative hub.

The sale included a one-story, free-standing building totaling 10,000 square feet, which has recently been leased in its entirety to a medical tenant.

Transwestern Commercial states that multiple submarkets throughout the state are experiencing higher than 5% year-over-year growth in rents including Woodbridge/Metropark, Edison South, Parsippany Region, Hudson Waterfront, Wayne/Paterson and Somerset/Interstate 78 East.

The company signed its original lease for 18,368 square feet at the property in December and due to successful acquisitions and growth globally, the company increased its footprint in Chicago to continue its rapid growth.

Industry leaders believe that the co-working market is at moderate risk and is becoming oversaturated.