AbelsonTaylor Leases 85k Square Feet at Chicago's Old Post Office Building
CHICAGO, Feb. 25, 2019 /PRNewswire/ -- AbelsonTaylor, one of the largest independent health and wellness advertising agencies, has agreed to a long-term lease of nearly 85,000 square feet of space at Chicago's historic Old Post Office Building, The Telos Group, the building's marketing agent, and The 601W Companies announced today.
The award-winning, Chicago-based firm will move all operations into the building from its current space, which is roughly a mile away in the Central Loop, on March 1 of next year.
"The Old Post Office continues to develop a diverse and progressive tenant base and the addition of AbelsonTaylor shows we are attracting tenants from all industries, including corporate headquarters, e-commerce, consumer products, media, and advertising. We could not be more excited that AbelsonTaylor will call The Old Post Office its new home and we appreciate their confidence in our vision for the building," said Brian Whiting of The Telos Group LLC.
This deal marks the fourth long-term lease agreement announced during the past eight months at the largest adaptive reuse commercial real estate project in the nation, which is owned by 601W Companies. Last summer, global healthcare firm Walgreens agreed to lease 200,000 square feet of space -- roughly equivalent to one full floor -- for an estimated 1,800 employees. Then, last November, candy manufacturer Ferrara said it would relocate its corporate headquarters to the Old Post Office.
Most recently, in January, the Chicago Metropolitan Agency for Planning, an entity that helps counties in northeastern Illinois address quality-of-life issues like transportation, housing, and economic development, agreed to lease 47,000 square feet of space.
Work on the $800m renovation to the property remains ongoing.
Stephen Smith, Jamey Dix, and Daniel Heckman of The Telos Group represented The Old Post Office Building in the transaction and Jack Keenan of Cushman & Wakefield represented AbelsonTaylor.
About The Telos Group, LLC
The Telos Group, LLC provides leasing, marketing and consulting services in Chicago and Minneapolis and consulting services for real estate businesses nationwide. Telos employs a disciplined and goal driven process to create entrepreneurial solutions customized for each assignment. As Chicago's only dedicated owner representation firm, it has been the leader in shaping the evolution of office space for innovative businesses. Telos represents a portfolio of 28 million square feet encompassing historic to trophy buildings owned by diverse ownership groups, from entrepreneurial investor consortiums to international institutions. In addition to Aon Center the firm has been involved in the City's largest turn-around and redevelopment projects, such as Willis Tower, Prudential Plaza and The Old Main Post Office project. The firm was awarded Office Property Representative of the Year for 2012, 2013, 2014, 2015 and 2017 by the Chicago Commercial Real Estate Awards. To learn more about The Telos Group, LLC, visit www.telosgroupllc.com.
About The 601W Companies
The principals of 601W oversee one of America's leading private real estate acquisition, ownership, development and management portfolios in the country. Over the past 25 years, 601W has acquired substantial and well-known commercial properties throughout the country, aggregating 45 million square feet, with a collective value in excess of $8 billion. In relation to these deals, 601W has raised more than $2 billion in equity, mostly from longstanding investors, and has consummated transactions involving major office buildings, including 12 in Manhattan and 6 in Chicago. Visit www.601wcompanies.com to learn more.
SOURCE The 601W Companies
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