The number of riders using the 59th Street stop has been declining for years now. Since 2014, it’s down more than 50 percent. The lockdowns, coupled with the unhurried return of office workers, only served to exacerbate that downturn.
The company will buy the James R. Thompson Center, a 17-story building that occupies a full city block in the central Loop district and was designed in the early 1980s by architect Helmut Jahn. The deal is valued at $105 million, before renovation.
Twitter will significantly decrease its corporate presence in San Francisco and is considering plans to shutter several other offices once leases expire.
Energy tenants are beginning to enter expansion mode. But facing new hybrid schedules and higher rents, they are taking less space than before.
David Bodamer is joined by Julie Whelan, global head of occupier thought leadership at CBRE, in discussing how “return-to-office” is playing out.
For two years, headlines have screamed about a bloodbath in the office sector. Research from Moody’s Analytics shows those headlines have little in common with reality.
With human interaction cited among the main reasons for workers to go into the office, landlords are focusing on common spaces and gyms.
As one of the world’s biggest property investors, Brookfield has also been doubling down on the return of workers to their offices after the pandemic.
The firm said last week that it plans to partner with developer Sterling Bay to build an office tower on Brickell Bay, which spans less than a mile in the city’s business district.
The bank intends to lease a minimum of 800,000 square feet of space in a property that will be built by Hunt Realty.
