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November 22, 2023

Firmspace Chicago Shutters On Short Notice, Leaving Tenants Without An Office During Holiday Week

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Coworking company Firmspace abruptly closed its Chicago office at 145 South Wells St. on Monday, leaving tenants in the lurch in the lead-up to Thanksgiving.

Firmspace said it tried to renegotiate its lease with Moceri + Roszak, the owner and developer of 145 South Wells, to align with market conditions for office space but didn't have its calls answered, according to a notice to tenants obtained by Bisnow

However, Moceri + Roszak principal Michael Moceri, in a separate email to tenants that was also shared with Bisnow, said that the immediate closure “came as a surprise to us.”

Firmspace Chicago Shutters On Short Notice, Leaving Tenants Without An Office During Holiday Week

Firmspace said it sent multiple proposals to the landlord that received no response and that it was forced to cease operations on Monday. “We faced an uphill battle upon our opening in a city that was besieged by the virus and related lockdowns,” Firmspace wrote in the email. “As time passed,…

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The real estate and funding slowdown proliferating markets across the country has reached life sciences, decelerating the leasing market. In today’s supply-heavy environment, even the deals that are getting done have noticeably downsized, with small leases rippling throughout the lab real estate market. 

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Landlords Push Back On WeWork's Lease Rejections

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