Expansive to Open 7th Chicago Coworking Location
The flex office provider will occupy the 35th floor of a Class A tower.
Expansive will open a new flexible workspace location in Chicago at Two Pru, a nearly 1.1 million-square-foot Class A office tower. The company’s expansion will come to fruition through a partnership with Wanxiang Real Estate Group and Riverside Investments.
This is Expansive’s seventh location in the metro. The flex office provider will occupy the building’s 35th floor, previously leased by Regus.
Expansive’s new location is currently under renovation, plans calling for private offices, on-demand meeting rooms, coworking spaces and day offices. Upgrades are slated for completion this month, with an official opening ceremony scheduled for October.
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Two Pru is part of The Pru, the 2.3 million-square-foot office complex formerly known as Prudential Plaza. Notable tenants at the property include Amsted Industries Inc., Presidio Aircraft Leasing, The Chicago Council on Global Affairs, Eckenhoff Saunders Architects, Envisionit and The Terry Group, according to CommercialEdge.
A closer look at One and Two Pru
Wanxiang Real Estate Group has been the majority owner of The Pru since 2018, when it purchased the majority stake in the property for $680 million, the same source shows. The company owns the asset together with Sterling Bay, which retained a minority stake.
At the time of the sale, the two-building asset became subject to a $389 million loan provided by CW Capital, with a maturity date set for 2027 and a two-year extension option. The ownership is currently investing $50 million in upgrades, with a focus on tenant amenities, The Real Deal reported.
One Pru, at 130 E. Randolph St., comprises 1.3 million square feet across 41 stories. Completed in 1955 and renovated in 2014, the high-rise features 30 passenger elevators, floorplates ranging between 22,000 and 70,000 square feet and 336 parking spots.
Two Pru rises 58 stories at 180 N. Stetson Ave. The 1.1 million-square-foot property came online in 1990 and features 21,000-square-foot floorplates, 30 passenger elevators and 608 parking spots.
The amenity package includes a 7,000-square-foot rooftop terrace with lounge spaces, 23,000-square-foot tenant lounge, fitness center, space for nursing parents and a public park with outdoor seats. The amenities at One and Two Pru are currently undergoing multiple upgrades, which will include the addition of golf simulators, an entertainment area, a 22,000-square-foot conference center, an extended tenant lounge and rooftop terrace.
The Pru is at the edge of Grant Park, in the city’s central business district, close to multiple train and bus stations. The Chicago Midway International Airport and Chicago O’Hare International Airport are 12 and 18 miles away, respectively.
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