Federal Savings Bank will be leaving its Fulton Market office space but staying in Chicago, an apparent move to distance itself from the bribery scandal involving its former CEO.
The mortgage bank inked a 50,000-square-foot lease at a redeveloped former Marshall Fields warehouse at 4000 West Diversey Avenue on the western edge of Logan Square, Crain’s reported.
The company has occupied a 40,000-square-foot office at 300 North Elizabeth Street, with its name prominently on display.
Stephen Calk, the ex-CEO, was indicted last year on charges he funneled $16 million in bank loans to former Trump campaign manager Paul Manafort. In exchange, Manafort pushed for Calk to serve in a senior administration position. Calk has denied the charge and a trial is pending; Manfort is serving a federal prison sentence on two counts of conspiracy.
Federal Savings Bank is now led by Stephen Calk’s brother, John.
“This relocation provides an opportunity for the bank to reinvest in and support the local community,” John Calk said in a statement to Crain’s. He noted the area around the future office has been popular among first-time homebuyers.
The bank’s relocation comes at a time when the once-red-hot Fulton Market district is facing some challenges, along with the Chicago office market itself.
In July, CCC Information Services, which was initially set to occupy 180,000 square feet at 167 North Green Street, scaled back its plan in the downturn. It is among several firms in the city that have exited leases, trimmed existing space or canceled plans for new offices. [Crain’s] — Akiko Matsuda
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