Tishman Speyer Signs 240 KSF Lease Extension in Chicago
A global energy company will continue to occupy the space through 2032.
Tishman Speyer has signed a 240,000-square-foot lease extension with BP at CME Center, a 2.3 million-square-foot office campus in Chicago’s West Loop submarket. JLL negotiated on behalf of the tenant, while the owner had in-house representation.
The oil and gas multinational company has been occupying the entire seventh through 10th floors of 10-30 S. Wacker Drive since 2009. The current deal will keep its Chicago office there at least through 2032.
While the tenant’s footprint is the same, Tishman Speyer emphasized that the property is not.
Recently, the owner worked with Chicago-based architects Kreuck Sexton Partners to update the CME Center’s lobby, façade and entrances. Amenities were substantially expanded to include ZO Clubhouse, an amenity center that features a main lounge, library, bar area, huddle and wellness rooms, a boardroom and a multi-purpose game and conference room with seating for up to 175.
An iconic Chicago property
CME Center is home to, and named after, the Chicago Mercantile Exchange aka the Chicago Merc. This global derivatives marketplace dates back to 1898, when it was founded as the Chicago Butter and Egg Board. The Merc merged with the Chicago Board of Trade in 2007, and the following year CME Group’s shareholders approved a merger with the New York Mercantile Exchange and the Commodity Exchange. As a result, all four exchanges have since been owned by CME Group.
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Completed in phases between 1983 and 1987, the property comprises two 40-story office towers that are connected by a 10-story center structure. The LEED Platinum-certified complex features floorplans averaging 29,000 square feet and 14,000 square feet of retail space, according to CommercialEdge information.
JLL’s Matt Carolan, Andy Strand and Kevin Morgan represented BP, while Tishman Speyer was represented by Ellen May of its in-house leasing team.
Trying times
The downtown Chicago office market had about 150,000 square feet of net negative absorption in the fourth quarter, which brought the 2024 total to a net negative 1.6 million square feet, according to a fourth-quarter report from CBRE.
Despite this, the final quarter saw multiple tenants expanding their footprints; leasing volume for spaces of more than 10,000 square feet rose nearly 26 percent from 12 months prior. In addition, the fourth quarter saw the metro’s three largest leases of 2024, including the largest new office lease in more than three years.
In one of the quarter’s deals, Medline expanded its footprint at The Mart from 51,000 square feet to 161,000 square feet. At the same time, the medical supplies firm leased 210,000 square feet in Northbrook, Ill., about 4 miles west of its global headquarters in Northfield, Ill.
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