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Merchandise Mart Gets Rare Vacancy
The iconic Merchandise Mart has been almost 99% leased for years, nut that’s about to change. Publicis Groupe’s move to leave its 132,000 square feet on the building’s fourth and fifth floors creates a rare opportunity for building owner Vornado Realty Trust.
Publicis, a media company, will consolidate its Chicago operations at the Leo Burnett Building on Wacker Drive. Vornado New York Division President David Greenbaum told Crain’s Chicago Business that the move “is an opportunity for us” because Publicis paid a below-market-level rent.
Two Publicis divisions, SapientRazorfish and Spark Foundry, will leave their Merchandise Mart space this summer.
Meanwhile, Merchandise Mart tenant Braintree, a PayPal subsidiary that makes software for tech companies, is expanding its operations in the building. Braintree will add 40,000 square feet on the ninth floor to the 80,000 square feet it already occupies on the eighth floor.
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