Sterling Bay, a leading Chicago real estate investment and development firm, faced one of their greatest project opportunities to date.
With the purchase of 311 West Monroe Street, a 47-year-old office building in Chicago’s Loop district, the developer had the chance to spearhead the repositioning and modernization of an outdated property into a top-tier business destination. With the right partners in place to help bring the company’s vision for fresh design and a robust tenant amenity package to life, Sterling Bay knew the possibilities for reimagining this property were endless.
Through a unique partnership structure with Sterling Bay, the team at Convene transformed several floors at 311 West Monroe and create an example of what the future of an office building experience looks like.
“When we were expanding into the Chicago market, it was pretty clear to us that Sterling Bay was the ideal partner for Convene,” says CEO and cofounder Ryan Simonetti.
There’s meeting and event space, both large and small, that tenants can utilize on demand, decreasing the amount of square footage they need to lease in their own space for meeting rooms. There are business-class amenities that provide their workers with the kind of work day experience they’ve come to expect from their employers. And there’s flexible workspace that lets companies expand their workforce when needed without the significant risk of long-term office leases.
“It wasn’t until Convene took the first few floors in that building that we saw leasing velocity increase,” says Sterling Bay CEO Andy Gloor. “Our main anchor tenant didn’t know exactly how big they were going to be in two years or three years or five years. They were uncomfortable going into a building without having someone like Convene that they could expand into as they needed that space.”
Learn more about this partnership in the video below, and visit our real estate page for more information on Convene landlord partnerships.