RedShelf Leases 20,000 SF At 175 West Jackson Boulevard, Chicago

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.