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Highlights
AI firm Teragonia secured a 16,000-square-foot sublease on the fourth floor of 318 North Carpenter Street in Fulton Market from Flock Freight, which kept its adjoining space on the fifth floor after initially offering its entire 31,000-square-foot property for sublease.
The deal signals a strengthening position for Chicago office landlords, as it takes space off a sublease market where discounted rents allowed companies to secure premier buildings for as little as 50 percent of the cost of a standard lease.
Teragonia is scaling its Chicago operations, moving out of a co-working space and planning to triple its current headcount of about 25 employees over the next two years, citing the appeal of the Fulton Market neighborhood to its target workforce.