Advisory Firm Kroll Offers 47K SF Sublease in Fulton Market

A global advisory firm is looking to shed office space in Fulton Market, offering a glimpse that amenity-filled new builds aren’t a silver bullet against office market trends in Chicago.

New York-based Kroll put nearly 47,000 square feet up for sublease in the 17-story building at 167 North Green Street, Crain’s reported. CBRE brokers Kyle Kamin, Jon Milonas and Dan Persa are marketing the space.

The sublease, in one of Chicagoland’s newest and most sought-after office buildings, includes 43 private offices, 177 workstations and numerous meeting rooms.

Kroll leased it just before the onset of the pandemic, in early 2020, relocating from 311 South Wacker Drive. The lease extends until at least September 2032.

The company didn’t disclose specific reasons for subleasing, but the firm aims to scale back its Chicago footprint, sources familiar with the offering said. Kroll plans to relocate within the West Loop, aligning its workspace with the needs of its Chicago-based employees.

The sublease contrasts with the trend of companies favoring newer, updated office spaces, especially in coveted areas like Fulton Market.

The Green Street property, co-developed by Shapack Partners and Focus in 2020, is known for its tenant amenities, including a glass-enclosed basketball court on the roof.

The listing could be interpreted as a statement about companies putting a premium on access to public transportation. The Fulton Market District is perceived by some as challenging to reach for workers commuting via CTA or Metra trains, the outlet said.

Large sublease listings have become common in light of remote-work trends and company layoffs, contributing to record-high office vacancy rates in the Windy City. Tech companies Meta and Salesforce, for instance, shed a combined 240,000 square feet of space earlier this year.

Despite the challenging office leasing landscape in downtown Chicago, Kroll’s sublease is expected to attract interest, given the modern and move-in-ready nature of the space.

—Quinn Donoghue