Newly-Completed Fulton Market Tower Will Serve as an Extension of Applied’s University Park HQ and a Base for Recruiting in Chicago’s Fast Growing Tech Talent Hub
Tishman Speyer, one of the world’s leading developers, owners, operators and asset managers of first-class real estate, announced today that it has finalized a 10,000-square-foot lease with Applied Systems at 320 North Sangamon Street, its recently-completed office tower in Chicago’s Fulton Market District.
Headquartered in University Park, Applied is a leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation, the company is the world’s largest provider of agency and brokerage technology, serving customers throughout the United States, Canada, the Republic of Ireland and the United Kingdom.
Applied will establish its first Downtown Chicago office across a portion of the seventh floor of 320 North Sangamon starting in July 2022. Designed by Chicago-based Charlie Greene Studios, Applied’s new offices will function as an extension of its University Park headquarters. The space will be utilized for recruiting, onboarding, internal events, team meetings and as a convenient venue for hosting customers, prospects and partners.
“We are thrilled to welcome Applied Systems to 320 North Sangamon,” said Tishman Speyer Senior Managing Director Ryan Botjer. “Applied’s commitment to this building is indicative of the desire among the region’s most innovative companies to put their customers and workforce in environments that spark innovation, productivity and collaboration.”
“Our new downtown Chicago location puts us in a strong position to recruit top talent in the heart of Fulton Market’s growing tech hub,” added Taylor Rhodes, chief executive officer, Applied Systems. “We see this as a great opportunity to increase our involvement with the global tech community, support strategic customer initiatives and provide a central location to bring our customers, partners, and employees together.”
Applied joins biotech startup Hazel Technologies and restaurant technology company Tock, which each occupy approximately 50,000 square feet, as well as real estate technology platform VTS, which has committed to nearly 36,000 square feet at the 13-story, 270,000-square-foot tower that Tishman Speyer co-developed with Chicago-based Mark Goodman & Associates.
Completed in 2021, 320 North Sangamon is Chicago’s new premier workplace destination designed with everything forward-looking companies need to innovate and engage. Tishman Speyer worked with Chicago-based project firm Solomon Cordwell Buenz to design the tower, drawing inspiration from the history of Fulton Market.
The tower features efficient floor plates, minimal columns and 13-foot ceiling heights. The building has achieved LEED Gold and FitWel certifications, and its Dedicated Outdoor Air System (DOAS) is the first and only 100 percent water-based DOAS for an office building in Chicago.
Customers enjoy access to ZO., Tishman Speyer’s unique workplace amenity program, which includes an expansive indoor/outdoor fitness facility, penthouse lounge and terrace with flexible offerings for special events and relaxed collaboration, and meeting rooms and community-driven spaces that can host up to 100 guests.
Applied was represented in the transaction by Steve Bauer, Adrian Boone and Chad Koenig of Cushman & Wakefield. Tishman Speyer was represented in-house by Adam Mitchell, Ellen May and Olivia Parker.
About Tishman Speyer (tishmanspeyer.com)
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 30 key markets across the United States, Europe, Asia and Latin America. We develop, build and manage premier office, residential and retail spaces for industry-leading tenants, as well as state-of-the-art life science centers through our Breakthrough Properties venture. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers’ evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO., and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 484 properties, totaling 219 million square feet, with a combined value of over $121 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.
