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Enova Renews, Downsizes 175 W. Jackson Blvd. Offices
Enova International has signed on for nearly 135,000 square feet at 175 W. Jackson Blvd. In Chicago’s Loop, reported Crain’s Chicago Business. The online lending firm will consolidate its employees into the space from the 178,000 square feet it has occupied since 2015. Although lease terms weren’t immediately available, a source told Crain’s Enova has extended its commitment to the building by roughly seven years to 2034.
The extension locks up the building’s largest tenant for the long term while the property’s ownership is in flux, Crain’s reported. A venture of Toronto-based Brookfield Asset Management that owns the 1.4-million-square-foot building was hit with a foreclosure suit in September, alleging it had defaulted on its $280-million loan.
The 25% space reduction for Enova follows the broader trend of companies scaling back their office footprints with the rise of remote work. Yet the deal could also be seen as a positive for landlords, as few companies are making sizable recommitments in the heart of the Loop.
- ◦Lease
