This article originally appeared in Crain’s Chicago Business
The premium workplace services company announces two new locations in partnership with Sterling Bay in Fulton Market and The Loop, totaling 185,000 SF
Chicago, IL (January 16, 2019) – Convene, the nation’s leading flexible workplace and amenity services partner to Class A landlords, today announced new locations at two of Sterling Bay’s Fulton Market and Loop office assets: 333 North Green Street (95,000 SF) and 311 West Monroe (90,000 SF). These are Convene’s first locations in partnership with Sterling Bay. The new deals with Sterling Bay mark Convene’s third and fourth locations in Chicago.
“Demand is incredibly strong from the Chicago market for our premium meeting and event spaces and full-service office building amenity platform,” said Thomas Toepke, Head of Acquisitions, Convene. “We’re proud to partner and pursue rapid growth with Sterling Bay and provide their buildings with best-in-class spaces and services to elevate the meeting and workplace experience for their tenants and surrounding business community.”
“We are excited to bring the Convene concept to Chicago’s Fulton Market district, an area that has become synonymous with leading-edge workplace innovation, as well as to The Loop, the city’s historic commercial core,” said Andy Gloor, Managing Principal, Sterling Bay. “Given the brand’s dedication to delivering only the best when it comes to curated office experiences, our team is confident that Convene will quickly become a valuable amenity to Chicago’s expanding downtown business community.”
Convene will partner with Sterling Bay to manage the building amenities, meeting and workplace experience, and technology at both locations. Specifically, Convene will occupy half of the 6th floor and the full 7th and 8th floors of 333 North Green Street and the ground floor through 4th floors of 311 West Monroe, offering their full suite of hospitality-driven and elevated space and services at each location. This includes a retail-level cafe and bar, premium meeting and event space, and full-service flexible work and common space for Convene members, Sterling Bay building tenants, and the surrounding business community.
Convene’s partnership with Sterling Bay follows several announcements of Convene’s commitment to growth in the Chicago market. Convene has previously announced locations at iconic Chicago buildings, including Hines and Angelo Gordon’s Citadel Center and EQ Office’s Willis Tower. Convene’s total Chicago footprint is now 325,000 square feet.
Convene’s Citadel Center space will open at the end of January 2019, and includes 50,000 square feet of full-service, high-design meeting and event spaces that can accommodate up to 450 people. Convene’s 91,000-square-foot space at the redeveloped Willis Tower offers premium meeting and collaboration spaces, opening in May 2020. Both spaces will provide an elevated alternative to hotel ballrooms and meeting spaces for corporate events.
Convene’s aggressive growth into the Chicago market comes on the heels of a $152 million Series D round of financing in 2018, which included investments from real estate, technology, and innovation leaders such as Revolution Growth, RXR Realty, ArrowMark Partners, Brookfield, and The Durst Organization, among others. Leveraging these investments, Convene is growing its footprint globally, expanding its service offerings, and launching a workplace technology platform.
Sterling Bay has recently grown its portfolio with a number of high-profile acquisitions, including the former Montgomery Ward building and Prudential Plaza. The firm recently opened the new global headquarters for McDonald’s Corporation in Chicago’s West Loop, a 550,000-square-foot development that was executed in just 18 months. The company is also preparing to break ground on a $6 billion Lincoln Yards development in the coming year.
Russ Cora represented Sterling Bay in the transaction. Matt Carolan and Craig Coupe of JLL represented Convene.
Convene (www.convene.com) designs and services premium places to work, meet, and host inspiring events. Through strategic partnerships with prominent commercial landlords, Convene operates a network of hospitality-driven locations in Class A office buildings across major U.S. cities, with plans to expand globally. Convene has raised $260M in equity funding to date, and has been named one of America’s 100 Most Promising Companies by Forbes and a Best Workplace by both Inc. and Fortune Magazine.
About Sterling Bay
Sterling Bay is a leading investment and development company with expertise spanning all aspects of real estate ownership. Known for creating world-class urban campuses for companies such as Google, McDonald’s, Glassdoor, Dyson and Tyson Foods, Sterling Bay is consistently recognized for award-winning projects that transform space, enhance communities and strengthen a company’s culture and brand. Sterling Bay’s team of more than 200 professionals is responsible for a portfolio exceeding $3 billion, and a development pipeline in excess of $8.7 billion. For more information, visit www.sterlingbay.com.