Groupon, the provider of online deals that has warned it might run out of cash in the next 12 months, is terminating its lease early for its headquarters at 600 W. Chicago Ave. The company, which has laid off 1,000 employees in recent months, disclosed the lease termination in a regulatory filing. It said it paid $9.6 million to allow it to end its lease on Jan. 31, 2024 — two years earlier than expected.
Technically, that building is in the Cabrini Green zone in which a specific percentage of units must be allocated towards section 8 and affordable housing.
Conversions to housing are really difficult. Rare it is the property that can be converted – in DC – real estate people think only 2 percent are candidates for conversion.
nixit
3 years ago
That space might be tough to fill as the West Loop seems to be poaching all the corporate moves.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Lease terminated, space will be used for temporary migrant shelter.
Well, more public charge housing will soon be available
Technically, that building is in the Cabrini Green zone in which a specific percentage of units must be allocated towards section 8 and affordable housing.
Conversions to housing are really difficult. Rare it is the property that can be converted – in DC – real estate people think only 2 percent are candidates for conversion.
That space might be tough to fill as the West Loop seems to be poaching all the corporate moves.
Reminds me of this song. Here are the lyrics.
https://genius.com/Queen-another-one-bites-the-dust-lyrics
Now it is come to where people are paying to get out of the Chitty.
chortle!