Old Post Office nears enormous rent with Cisco Systems

The engineer changing the Old Main Post Office into a cutting edge place of business is keeping its renting hot streak alive, making it all work out to bring another cluster of rural employments downtown and add a major tech occupant to its developing program.

IT monster Cisco Systems is arranging a rent for around 130,000 square feet in the mammoth property at 433 W. Van Buren St., sources acquainted with exchanges said.

San Jose, Calif.- based Cisco has not finished an arrangement at the 2.5 million-square-foot building straddling the Ida B. Wells Parkway, as indicated by numerous sources. Be that as it may, Cisco has been in the market lately taking a gander at potential downtown office areas with an arrangement to move workers to the city from its business office in rural Rosemont, individuals acquainted with the organization's arrangements said.

Cisco is the biggest inhabitant in the Rosemont Corporate Center at 9501 Technology Blvd., a four-story building it secured with a 10-year, 81,000-square-foot rent when the property opened in 2010. The organization had in excess of 400 workers positioned in another place of business close O'Hare when it marked the arrangement, as indicated by a 2008 Daily Herald report.

Downtown, Cisco a year ago rented an around 33,000-square-foot office on a three-year bargain through July 2021 over the road from the Post Office at 525 W. Van Buren St., as per land data organization CoStar Group. Timing of a potential move or solidification of its neighborhood workplaces into the Post Office is misty, yet the organization has as of late been promoting a bit of its space in Rosemont for sublease, as indicated by CoStar.

"Cisco consistently assesses its land portfolio," an organization representative said in an announcement. "We are taking a gander at land choices in the territory as a feature of our progressing plan to adjust for present and future workforce necessities and give a positive workplace to all."

On the off chance that Cisco finishes the Post Office bargain, it would join an extensive rundown of rural to-urban office moves and step another triumph for New York-based designer 601W, which is in the late phases of a $900 million upgrade of the structure.

601W has affirmed 540,000 square feet of leases to date, incorporating manages Walgreens Boots Alliance, Ferrara Candy and the Chicago Metropolitan Agency for Planning. Walgreens and Ferrara are both moving from rural workplaces, bringing an expected 1,600 occupations downtown among them.

A portion of the Post Office's first inhabitants are relied upon to begin moving in this September.

Past those affirmed arrangements, Uber is looking at a rent for as much as 450,000 square feet and the Federal Home Loan Bank of Chicago is near an arrangement for 125,000 square feet, as indicated by sources near each organization.

A representative for 601W declined to remark.

Cisco and the other potential arrangements could carry the structure to more than 1.2 million square feet of leases, almost 50% of the enormous property's office impression. Drawing an organization from outside the city is uplifting news for entire downtown office showcase, which is gazing intently at bunches of new accessible workplaces for inhabitants between the Post Office, the quickly developing Fulton Market District, another high rise under development at 110 N. Wacker Drive and in other enormous office towers arranged by Union Station and at Wolf Point.

Interest for downtown office space has been solid in the midst of low joblessness and organizations clamoring to enroll from the profound ability pool in the city's urban center. That has helped keep the downtown office opening rate generally level for over two years notwithstanding the expansion of new office towers.

The southwest corner of the Loop has been particularly mainstream, in enormous part on account of the Post Office redevelopment. Organizations in the previous eight months have inked more than 1 million square feet of new rents in for the most part empty and arranged structures close to the South Branch of the Chicago River. That pocket of downtown has battled for quite a long time to build up itself as a corporate goal while occupants have eaten up space somewhere else on the up and up, West Loop, River North and Fulton Market.