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Healthcare Tenant Inks Sublease Deal at River North Point

Avison Young negotiated a 30,000-square-foot headquarters lease for Healthcare Information and Management Systems Society (HIMSS) in Chicago. The tenant is moving into sublease space at River North Point, the former Apparel Center at 350 N. Orleans St.

It’s one of the largest sublease spaces absorbed year-to-date in this section of downtown Chicago, where 6.1 million square feet of office sublease space is on the market.

“The COVID pandemic provided an unusual opportunity for HIMSS to take advantage of a dramatic downturn in the real estate market,” said Chad Bermingham, a VP of Avison Young in Chicago, who represented HIMSS. “We found multiple opportunities to significantly lower occupancy costs and still allow room for planned growth, while also improving the overall office environment.

“HIMSS was ahead of the curve and had already established a work-from-home model, so their space requirements didn’t change because of the pandemic,” he continued.

Photo courtesy of Shorenstein.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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