A fast-growing logistics company planning to hire 200 people in Chicago over the next two years is opening its first local office at the redeveloped Marshall Field building, a win for the building's owner and the vacancy-plagued downtown office market.
Indianapolis-based third-party logistics provider Spot has leased 31,000 square feet on the 11th floor in the landmark Loop property at 24 E. Washington St., where it plans to move into its newly built space by the end of this year, the company announced. The office will be Spot's sixth location nationwide.
The deal adds another name to the long list of transportation logistics companies setting up shop in Chicago, a group of firms drawn to the city's deep pool of talent with experience in the industry. New and expanded leases signed during the COVID-19 pandemic by companies including TransLoop, Loadsmart, Flock Freight, Nolan Transportation Group and MoLo Solutions have collectively been a bright spot in an otherwise sluggish office leasing market grappling with the rise of remote work.
Spot is also following the trend of companies gravitating to the newest and most updated office buildings, a movement driven by tenants taking advantage of the soft market and looking for space that will help encourage employees to show up rather than work from home.
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Allen Rogoway in the Chicago office of tenant representation firm Cresa negotiated the Spot lease on behalf of the company.