RedShelf Leases 20,000 SF At 175 West Jackson Boulevard, Chicago | 175 West Jackson Boulevard | Tony Coglianese, Bill Sheehy | Office | Lease

Summary

Lease

ILLINOIS

Office

20,000 sqft

Located at 175 West Jackson Boulevard in Chicago, the office property involved in the lease transaction spans 20,000 square feet. Neepa Patel of WellRight serves as the landlord, leasing the space to Rob Holland of RedShelf. The deal was facilitated by brokers Bill Sheehy and Tony Coglianese from CBRE, with an asking rent of $33 per square foot.

Summary of transaction details:

Property Type: Office
Transaction Amount: Not specified
Landlord: Neepa Patel - WellRight
Tenant: Rob Holland - RedShelf
Brokers: Bill Sheehy & Tony Coglianese - CBRE
Address: 175 West Jackson Boulevard
Market: Chicago

The relocation of RedShelf's headquarters to downtown Chicago from River North was a strategic move, with the company subleasing space in a distressed 22-story building. The transaction took place amidst a challenging market backdrop, marked by high office vacancies and increased sublease availability following the pandemic. The lease deal reflects a significant shift in office space dynamics in Chicago's real estate market.

Players

All
3

Agents
2
Agencies
1

Tony Coglianese

First Vice President

Bill Sheehy

Executive Vice President

CBRE

Details

Deal Summary

LEASED

IMAGE: Tony Coglianese, Bill Sheehy, Neepa Patel & Rob Holland DATE: 04/15/2024 ADDRESS: 175 West Jackson Boulevard MARKET: Chicago ASSET TYPE: Office LANDLORD: Neepa Patel - WellRight TENANT: Rob Holland - RedShelf BROKERS: Bill Sheehy & Tony Coglianese (@Teecogs) - CBRE (@CBRE) ASKING RENT: $33/ft ~ SF: 20,000 NOTE: RedShelf, a digital textbook company, has relocated its headquarters from River North to downtown Chicago, subleasing around 20,000 square feet in the distressed 22-story building at 175 West Jackson Boulevard from WellRight. The move, facilitated by CBRE's Tony Coglianese and Bill Sheehy, comes as Brookfield Asset Management, the building's owner, faces a foreclosure lawsuit filed by lender U.S. Bank, amid record-high office vacancies and a surge in sublease availability in the wake of the pandemic.

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Address175 West Jackson Boulevard

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