Lockton Expands Office Space & Extends Commitment at 500 West Monroe

CHICAGO (October 3, 2023) – Savills executed a new real estate plan for the Chicago location of Lockton, the world’s largest independent insurance brokerage. The firm will extend its lease on a long-term basis and will increase its presence by 14,525 square feet at 500 West Monroe in the West Loop. Lockton will now occupy two and a half floors, bringing its total footprint to 66,726 square feet.

Lockton tapped Savills to evaluate its real estate requirements to optimize its work environment as the insurance brokerage has increased its headcount as its business has grown exponentially. The Savills team conducted a workforce and workplace study that identified the type of office environment that would best support Lockton’s business objectives and employee retention and recruitment goals.

“Building location and amenities were key to this transaction,” said Savills Chicago region President Robert Sevim. “Lockton believes in the power of in-person collaboration and as the firm’s headcount grows, adding an additional contiguous half floor at its current building was the optimal strategy. The expansion will allow Lockton to grow seamlessly and provide greater access to collaboration while keeping its prime location in the West Loop. Owner Spear Street Capital is planning to upgrade the building’s amenity base to include new conferencing and fitness centers, which was one of the key considerations for Lockton to remain.”

Based on feedback, insights and recommendations from Savills research, Lockton is planning to make upgrades and modifications to its existing premises to create a more dynamic workplace. The firm will build an additional stairwell, connecting it to its new half floor and will implement new furniture systems to create custom work environments within Lockton’s space. In addition, to accommodate for Lockton’s anticipated headcount growth, Savills negotiated an expansion option, allowing the firm to obtain an additional half floor in the future.

“Our decision to extend our lease and expand our workspace is a testament to Lockton’s remarkable growth,” said Lockton Chicago President Robert Wierema. “Savills has been an invaluable partner, seamlessly aligning with our vision and delivering what we need to drive our success.”

Studies for workforce and workplace strategy were conducted by Savills Managing Director Amy Fobes and Senior Managing Director Shannon Woodcock. Sevim was supported in the real estate transaction by Senior Managing Director Adam Southard.

Designed by Skidmore, Owings & Merrill (SOM), 500 West Monroe is a 46-story building situated in the West Loop. The building resides near public transportation as well as immediate access to the Kennedy, Eisenhower, and Dan Ryan Expressways. Tenants enjoy an abundance of natural light and open air along with excellent views of the Chicago River, city skyline, and West Loop district. Owner Spear Street Capital is planning to upgrade its amenity base including additional conferencing, a new fitness center, and retail.