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Avison Young negotiates 30,000-sf office lease in Chicago marketMarch 15, 2021
Rosemont, IL – Avison Young announced today that it has negotiated a 30,000-square-foot office lease for the headquarters of Healthcare Information and Management Systems Society (HIMSS) in Chicago. The tenant is moving into sublease space at River North Point, 350 N. Orleans St., in a sign of growing optimism about the Chicago downtown office market. This is one of the largest office leasing transactions in River North in 2021.
HIMSS is a member-based association offering a unique depth and breadth of expertise in health innovation, public policy, workforce development, research and analytics to advise global leaders, stakeholders and influencers on best practices in health information and technology. The association is moving from 33 W. Monroe in Chicago.
"The COVID Pandemic provided an unusual opportunity for HIMSS to take advantage of a dramatic downturn in the real estate market,” says Chad Bermingham, Vice President of Avison Young, who represented HIMSS. "We found multiple opportunities to significantly lower occupancy costs and still allow room for planned growth, while also improving the overall office environment. HIMSS was ahead of the curve and had already established a work-from-home model, so their space requirements didn’t change because of the COVID Pandemic.”
The office space, which was listed for sublease by Gartner Research, offers a modern and flexible layout for HIMSS’ area employees at a rental rate far below the building’s asking rent. The fully furnished space will have meeting facilities for large formal groups and small informal gatherings, and allow for collaboration, privacy and a flexible work environment.
"Our staff remains dedicated to the HIMSS’s mission and will be able to continue their dedication in our new home," said Nikki Brown, Interim CFO for HIMSS. " We accomplished our goals, while also finding an office that provides a professional, safe and flexible space for our staff to work."
Bermingham also noted the significance of such a deal stating, “Closing this sublease deal while still in the midst of the pandemic is a positive sign that the commercial real estate market in Chicago may now be moving toward recovery.”
Gartner Research was represented by Christine Bower and Matt Carolan of JLL.
Gartner Research is one of several tech companies that moved into the 24-story River North Point building in recent years, following an extensive renovation by the building ownership.
The former Apparel Center, along the west side of the Merchandise Mart, had been renovated to include more than 25,000 square feet of tenant amenities, including a landscaped rooftop deck, large fitness center and conference facility. Gartner originally leased 74,450 square feet in the building and is remaining in the other part of the space. According to CoStar, there is currently a total of 6.1 million square feet of sublease space in the Chicago Business District.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada' s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
- Andrew Fredricks, Director of Marketing, Central Region: +1.312.622.5499
- Chad Bermingham, Vice President, Chicago: +1.312.796.0361
- Beth Phillips, Principal, Managing Director, Chicago: +1.847.886.0225
- Karen Groppe, HIMSS, Chicago: +1.312.965.7898
- Allison Millar, Open Slate Communications: +1.847.845.5648