Posted 7 months ago in Trending
1 MIN READ – One world-class energy producer is showing its commitment to Chicago with a recent office expansion of their Chicago Loop headquarters. Invenergy, one of the largest independent clean energy producers in the world, is increasing their office footprint by nearly 84,000 square feet.
Danny Ecker analyzes clean energy company’s expansion in the following excerpt from Crain’s Chicago Business:
“…a rare massive expansion of workspace and a deal that could tee up the creation of a new clean energy innovation hub in downtown Chicago.
In a move that bucks the trend of companies slashing office space in the wake of the COVID-19 pandemic, Invenergy has inked a long-term extension of its lease at 1 S. Wacker Drive and increased its footprint to around 180,000 square feet in the building, a company spokesman confirmed. The three-floor expansion fortifies the renewable power company's position as the 40-story tower's largest tenant. It also comes a few months after Invenergy announced private-equity giant Blackstone Group was adding $1 billion in new backing for the company to the $3 billion it had invested in it over the previous two years.
The lease expansion is a much-needed moment of celebration for downtown office landlords as they grapple with a remote work movement that has pushed vacancy to a record high and fueled a wave of distressed properties. Invenergy's recommitment to in-person office work — one of the largest expansions by a downtown office user since the COVID-19 pandemic began — could be a confidence booster for building owners sick of watching big tenants cut back on space…”
Crain’s goes on to cite that Invenergy may also continue its expansion, with an energy innovation hub the likes of tech incubator 1871, in partnership with the city of Chicago. Invenergy develops, owns and operates big renewable and other clean energy facilities around the world.
