An artificial intelligence-based cybersecurity tech firm is set to move into brand new office space in the burgeoning Fulton Market area.
Horizon3, a company based out of San Francisco, subleased 40,000 square feet at 333 North Green Street from advertising juggernaut WPP, according to a report from Crain's.
The outlet, which cited sourcing familiar with the deal, said that Horizon3 is moving into the 14th floor in the 19-story high-rise, vacating downtown co-working space it had previously occupied. WPP is the largest tenant in the 554,443-square-foot 333 North Green Street, which is 100 percent leased.
While various other sectors appear to have bailed on the Chicago market as remote work trends deepened and it simply cost more to occupy downtown space, tech firms have been a bright spot in the office market for the city. A solid chunk of Silicon Valley or California-based companies were moving to the Chicago area for access to relatively cheaper labor. Rippling, Databricks and Ripple are all San Francisco-based companies that are expanding their square footage in Chicago, according to the outlet.
WPP has been looking to sublease this space since 2024 and is still marketing some office space in the same building. The advertising giant has 253,000 square feet on lockdown until 2035, according to the outlet, and put 80,000 square feet of space up for sublease two years ago. Horizon3's acquisition slashes that figure roughly in half.
While other areas of Chicago's office market were hit hard by the pandemic and work from home restrictions, the former meatpacking district Fulton Market seemed to be holding strong. Leasing in the area has remained at a reasonable level even when other office markets are facing historic vacancy rates, and adaptive reuse projects are further stabilizing the area.
— Hunter Cooke
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This article originally appeared on The Real Deal. Click here to read the full story.
