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Groupon Terminates River North Headquarters Lease Two Years Early
Groupon is ending its lease for its River North headquarters two years early as it risks running out of cash, reported Crain’s Chicago Business. The termination of the nearly 300,000-square-foot space creates a big leasing challenge for Sterling Bay much sooner than expected.
The struggling online-deal company recently executed an option to terminate its lease at 600 W. Chicago Ave. as of Jan. 31, 2024, according to a regulatory disclosure. Groupon’s lease was due to expire in January 2026, but the company paid a termination fee of $9.6 million to end its commitment early.
“Chicago remains our HQ and an important market for us, but as we all know the new world of flexible/hybrid working has radically changed how companies use their spaces,” Groupon Global‘s Emma Coleman said in an email to Crain’s. The company has had its entire space available for sublease since early 2021.
- ◦Lease
