Allstate Expanding Merchandise Mart Footprint
Merchandise Mart's status as one of downtown's hottest office buildings continues. Allstate, which opened an innovation center at the Mart last year, is more than doubling its footprint to 102K SF after signing a 57K SF lease extension, according to Crain's Chicago Business. Vornado president David Greenbaum, whose firm owns the Mart, announced the lease during a conference call.
Allstate's expansion is expected to bring hundreds more jobs to downtown, although it is not known if the insurance giant will hire new employees or relocate existing workers to the Mart from its Northbrook HQ. Allstate opened its innovation center last year with plans to employ up to 400 people.
The 4M SF Merchandise Mart has seen a total transformation from the world's largest trade showroom to a tech incubator and an in-demand address for companies looking to attract and retain a younger workforce. Beam Suntory, Conagra Brands, Velocity EHS and Kellogg have moved to the Mart, which recently completed a $40M upgrade to its common areas and amenities packages.
