More downtown firms join the office-shedding trend

The space on the third and fourth floors can be subleased for a term running through either September 2026 or September 2029, according to a marketing flyer from real estate services firm Cushman & Wakefield. The offices, which include 84 workstations and eight conference rooms, are adjacent to two floors above that are available to lease directly from the building’s landlord, according to the flyer.

In River North, US Xpress inked a 10-year deal last year at 306 W. Erie St., a revamped loft office property where it became the anchor tenant. The Chattanooga, Tenn.-based firm said at the time the new space made room for a planned hiring spree in Chicago, with a focus on tech-savvy workers for its growing freight brokerage division.

A spokesperson for the company said in a statement that US Xpress “recently welcomed team members to our new space” and that it still plans to use a portion of the office moving forward. “There’s room to further consolidate based on the number of team members currently working from that physical location. Chicago remains an important and growing market for us,” the statement said.

NCSA’s space near Goose Island also hit the market as a result of remote work, according to a person familiar with the company. Many of the company’s employees worked remotely before the onset of the pandemic, which further whittled the number of people coming into the office and pushed the company to try to sublease space.

The office includes a pair of private outdoor terraces and 330 workstations across two floors connected by an internal stairwell, according to a flyer from J Rich Tenant Advisors. The term of NCSA’s lease in the building is not listed in the flyer.

Gemini’s space on Wacker Drive has hit the sublease market just a few months after it announced a lease in the building, where it never moved in. A spokesperson for the company did not respond to a request for comment on what prompted the offering, but it comes after a difficult couple of months for cryptocurrency firms, with dramatic loss of value, several bankruptcies and mass layoffs among companies involved in the space. Gemini co-founders Cameron and Tyler Winklevoss disclosed in June that the company was laying off 10% of its workforce.

A marketing flyer for Gemini’s space on the 29th floor at 1 S. Wacker lists the space as available for five-year, seven-year or 12-year lease terms.

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