Workbox Launches Latest Coworking Space; Iron Galaxy Expands Existing Space
November 30, 2023
CHICAGO – Transwestern Real Estate Services (TRS) announces a new lease and a notable lease expansion at 125 South Clark St., known as The National. The 600,830-square-foot building welcomes Workbox in a new lease and is pleased to continue its relationship with Iron Galaxy Studios with a substantial office expansion. Senior Associate John Nelson, Senior Vice President Kathleen Bertrand, and Executive Vice President Eric Myers represented building ownership Commerz Real in lease negotiations.
Workbox, a specialized workspace operator dedicated to providing resources to early and growth-stage companies, has signed a 29,033-square-foot lease and plans to open its new space in January 2024. Iron Galaxy Studios, a national video game studio based in Chicago, has expanded its 32,865-square-foot lease to 48,156 square feet—a 32% increase.
“This building has had a lot of success this year,” said Nelson. “The National has signed 117,287 square feet in new leases in just 2023, leading to 85,672 square feet of positive absorption in the Central Loop. Stable and debt-free ownership in Commerz Real helps instill confidence in prospective tenants.”
The National provides tenants with a fitness center, a lounge with a bar, a pool table and collaborative seating, and an outdoor terrace. The 24,000-square-foot Revival Food Hall offers tenants access to a robust food selection from local restaurants.
“The National is a cool environment for companies with Millennial and incoming Gen Z workers thanks to its location, amenities, food hall and easy access to public transit,” said Bertrand. “Businesses want to be in a property that reflects their values and culture, and the National remains the Central Loop’s most dynamic locale.”
Within walking distance to the Monroe and Jackson ‘L’ stations, The National was built in 1907 and is a designated landmark. Other recent leases have included a 32,930-square-foot lease with SpotHero and a 36,322-square-foot lease with Total Quality Logistics. Workbox was represented by Avison Young broker Michael Kloppenburg, and Corey Siegrist and Jim Rose of JLL handled negotiations on behalf of Iron Galaxy Studios.
About Iron Galaxy Studios
Iron Galaxy is one of the world's largest independent video game developers, delivering both original games and supporting the visions of their partners. Founded in 2008, they have worked with the best creators of interactive entertainment in the industry. Their expertise extends to every genre of video game on every platform where players experience them. Iron Galaxy has studios in Chicago, Orlando, and Nashville.
About Workbox
Workbox Holdings, Inc. is a specialized workspace company that provides professionals with a diverse platform to connect both in person and virtually. In addition to traditional office space and coworking solutions, the Chicago-based company offers direct access to a range of investors, vetted strategic advising via experienced mentors and professional specialists, as well as an unparalleled community of growing businesses.
About Transwestern Real Estate Services
Part of the Transwestern companies, Transwestern Real Estate Services (TRS) strives to add value for investors, owners and occupiers across all commercial property types. Fueled by a holistic perspective of the real estate life cycle, agility and creativity are hallmarks of our approach, while vast national resources and sound market intelligence underpin customized recommendations and property solutions.
Five dynamic, integrated companies make up the Transwestern enterprise, giving us the perspective to think broadly, deeply and creatively about commercial real estate. Clients and investors rely on us for expertise that spans institutional and opportunistic investment, development, hospitality, and brokerage and asset services. Our award-winning, collaborative culture empowers team members with resources and independence to work across boundaries in pursuit of innovative solutions, reinforcing a reputation for service excellence that translates to measurable results. Through offices nationwide and alliance partners around the globe, we positively impact the built environment and our communities while fostering a work climate that champions career vitality for all. Learn more at transwestern.com and @Transwestern.
Media Contact:
Mason Johnson
(312) 558-3897
Mason.Johnson@transwestern.com
twmediarelations@transwestern.com
