Flexpoint Ford to Trade Chicago’s Loop for West Loop Office

Flexpoint Ford has become the latest firm to ditch the Michigan Avenue corridor in favor of a larger office space in Chicago’s West Loop.

The Chicago-based private-equity firm has inked a deal for nearly 20,000 square feet on the 38th floor of 155 North Wacker Drive, Crain’s reported. The company will exit its office space at 676 North Michigan Avenue, owned by Dallas-based TRT Holdings, where it occupies about 16,000 square feet.

Newmark’s Bill Rolander represented the landlord, the John Buck Company, while Savills brokers Robert Sevim, John Goodman and Brandon Nasatir negotiated the lease on behalf of Flexpoint.

It is the latest in a series of departures from the iconic Magnificent Mile, which has seen a steady decline in office demand in recent years. For Flexpoint, headed by CEO Don Edwards, the modern West Loop modern office space offered a more strategic location that better aligned with the firm’s long-term growth.

Companies are increasingly relocating to the West Loop, where modern office buildings, convenient access to public transportation, and a bustling business environment have made it the new heart of Chicago’s office market.

Other recent leases in the Buck-owned tower include Ryan Specialty Group, UL Solutions and FTI Consulting.

The building is rapidly approaching full occupancy. Prior to this deal, the property was 95 percent occupied.

In contrast, buildings like 676 North Michigan Avenue are facing challenges in attracting tenants. The office market along this strip has seen an increasing number of vacancies as businesses opt for newer, more accessible locations. The office vacancy rate in downtown Chicago was 25.8 percent in the third quarter of 2024.

Notable firms that have left Michigan Avenue for the West Loop include Interpublic Group, Valor Equity Partners and law firm Crowell & Moring, among others.

— Andrew Terrell