Mintel increases office footprint in move to Sumitomo-owned tower

A market research firm is expanding its office footprint in downtown Chicago, going against the trend as most companies are shedding office space in light of the remote-work movement.

London-based Mintel has relocated its North American headquarters to the 27-story building at 203 North LaSalle Street, where it occupies 30,000 square feet, the Chicago Business Journal reported. 

The company moved from its 26,000-square-foot space at 333 West Wacker Drive, upping its footprint by roughly 14 percent.

Wiedman Real Estate’s Michelle Wiedman represented Mintel in lease negotiations, while Transwestern’s Kathleen Bertrand, Eric Myers and John Nelson represented the landlord, Sumitomo Corporation of Americas.

Mintel expanded its Chicago operation to better serve the company’s teams and clients, said Ben Dietz, president and general manager of Mintel Americas. 

Amenities at the LaSalle Street site, built in 1986 and renovated in 2019, include a conference center, fitness centers and multiple tenant lounges. The 625,000 square-foot building is 85 percent leased, compared to the city average of roughly 76 percent. The property is also debt free, the outlet reported. 

Mintel’s decision to take more office space provides a glimmer of light for an office sector that’s been plagued by downsizing moves, largely driven by massive company layoffs in response to changing work dynamics. Tech giants Salesforce and Meta, for instance, shed a combined 240,000 square feet last year following several rounds of layoffs. 

A few companies have increased their office footprint, though. In September, renewable energy firm RWE expanded its occupancy from 28,557 square feet to nearly 57,000 square feet in the 47-story tower at 353 North Clark Street, while insurance brokerage Lockton added 14,000 square feet to its lease at 500 West Monroe Street. 

Investment firm Antares Capital expanded its footprint by nearly 25 percent last April, signing a lease to occupy nearly 88,000 square feet across the 41st through 43rd floors in the 52-story BMO Tower. 

—Quinn Donoghue 

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