Facebook is upping the ante in Chicago by more than doubling its office space with a bigger– and growing– workforce downtown, underscoring the vibrant technology skill swimming pool in the biggest city in the Midwest.
The Menlo Park, CA-based social media giant confirmed it is taking 263,000 square feet at 151 N. Franklin St., the gleaming 35-story tower the John Dollar Co. opened in Might.
“Chicago has been our Midwest home given that 2007, and we’re excited to grow our presence here with increased hiring and a brand-new office at 151 N. Franklin,” Matty de Castro, Facebook’s U.S. Head of Industry, stated in an emailed declaration.
The 807,355-square-foot building at Franklin and Randolph streets likewise is the head office for CNA Financial, the website’s biggest occupant that left the Big Red building after 45 years for 298,147 square feet in the John Ronan-designed tower. Hinshaw & & Culbertson LLP’s nationwide corporate law head office is likewise in the Franklin St. building, occupying 121,358 square feet.
When Facebook moves in, the building’s job rate will diminish to 11.2 percent, notably listed below the 13.4 percent general vacancy rate for 4- and 5-Star buildings in downtown Chicago, inning accordance with CoStar research study.
Based on the square video Facebook is taking and normal Chicago square-footage-per-person metrics, a minimum of 1,000 workers– however as numerous as 2,000 depending on layouts– might inhabit that space.
It’s unclear whether Facebook will relocate employees from the 98,515 square feet it rents at 191 N. Wacker Drive– a lease that does not expire till January of 2021. A Facebook spokesperson did not have other information on the leases or the number of people Facebook planned to work with.
Facebook Chief Financial Officer David Wehner said on the very first quarter conference call in late April that Facebook was on an employing spree that almost doubled the variety of full-time workers on a year-over-year basis.
“We are concentrated on growing technical head count as well as a range of other groups that support the business,” he stated, keeping in mind that capital investment were expected to swell by nearly $1 billion to about $15 billion, driven by financial investments in data centers, servers, network facilities and workplace centers.
In de Castro’s statement, he thanked Chicago Mayor Rahm Emanuel for his “ongoing assistance of the tech sector” that enables business like Facebook to broaden. “Our ongoing investment in this community underscores its strong talent pipeline and flourishing innovation environment, which make it a great place to broaden our global markets services and recruiting groups,” de Castro said.
Facebook’s leasing activity has been in overdrive just recently, even by tech standards. In Might, it broke San Francisco leasing records by agreeing to inhabit all 763,000 square feet of the Park Tower at Transbay, a 43-story office tower anticipated to open its doors by the end of the year.
In June, it rented about 754,000 square feet of office and flex space in Fremont, CA, marking among the biggest lease offers Facebook has ever inked outside its Menlo Park campus.
It also took control of all 450,000 square feet of office space that WeWork leased at 391 and 401 San Antonio Rd. in Mountain View, CA, ending up being the co-working operator’s largest single occupant.
In February, Facebook took control of the whole third floor of 770 Broadway in New York City, upping its overall footprint there to 513,000 square feet. The company is likewise actively leasing up in the Washington, D.C., area.
For the record:
William Rolander, Jon Cordell, Jason Houze and Jessica O’Hara of Newmark Knight Frank represented The John Buck Co. in settlements. Steven Bauer, J. Frank Franzese and Aaron Schuster of Cushman & & Wakefield brokered the lease for Facebook.