CBRE Arranges Lease Expansion for SpotHero in Central Loop

CBRE has arranged an office lease expansion on behalf of their client, SpotHero. The company will relocate from the 13th floor to the 2nd floor at The National Building, located at 125 S Clark, bringing their total footprint to 32,930 square feet. The company’s prior space on the 13th floor was approximately 28,000 square feet.

CBRE’s Bill Sheehy and Brad Serot represented the tenant, SpotHero, in the transaction. Kevin Sherlock and Bill Pipal, SpotHero’s General Counsel and Associate General Counsel, respectively, led the company’s efforts to secure its new space in the building.

SpotHero, the leading parking reservation marketplace in North America, is a Chicago-based company. Since its founding in 2011, SpotHero has parked over 10 million cars across the U.S. and Canada and surpassed $1B GMV. The company first moved its headquarters to The National in 2017.

“We are thrilled to provide our team with a new workspace that promotes collaboration and inspires creativity as we strive to create space for life for our employees at SpotHero,” said Sherlock.

According to a recent CBRE report, Class A office space in the Central Loop submarket [1] has a 19.9% direct vacancy rate.

“It’s tremendous to see SpotHero continue to grow,” said Sheehy. “Having quality space in a well-located building will help them recruit and retain talent well into the future.”