CTPF Finalizes Plans for Office Relocation
The Fund will move to new space in the South Loop
June 12, 2019 – The Chicago Teachers’ Pension Fund (CTPF) will relocate offices to 425 South Financial Place in autumn 2019. The CTPF Member Services and Administrative offices will occupy the full 14th floor and a portion of the 15th floor, which will include a Board Meeting Room and space to accommodate Trustees, members, visitors, and staff attending meetings and other CTPF events.
CTPF estimates savings of about 14% per year compared to the cost of the current location. Overall, CTPF estimates savings of $3.8 million over the next 15 years. The majority of the cost of the move will be covered by the Tenant Improvement Allowance, provided by the new landlord.
“When considering the move our priorities included cost, proximity to public transportation and easy access for drivers, ample in-building parking with reduced daily rates, a fully handicapped accessible property, security and safety for members, staff and visitors, and access to conference rooms and meeting space for member-facing events,” stated CTPF Board of Trustees President, Jeffery Blackwell. “We are pleased that this location meets those goals and we are looking forward to a modern office that will provide additional meeting space and amenities to more effectively support our members.”
The building is a 515-foot tall skyscraper designed by Skidmore, Owings & Merrill, originally built to house the Chicago Stock Exchange, now renovated into a contemporary space. The location includes ample underground parking spaces, a bike room, direct access to bus, CTA and Metra lines, immediate access to highways, and a nearby Divvy bike station.
CTPF has occupied space on the 26th floor at 203 North LaSalle Street since May 2005. Its current lease expires in April 2021. CTPF began the process of considering options for the renewal or relocation in March 2017, when it issued a Request for Proposals for a real estate broker to help evaluate options. CTPF engaged CBRE Group, Inc. (CBRE) in July 2017, a well-known commercial real estate services and investment firm to conduct a needs analysis and provide guidance. An architectural services firm, Partners by Design, was contracted in September 2018 to work on space utilization planning and design.
In October 2018, CBRE shared their recommendations with the CTPF Board of Trustees for consideration, which included renewing the lease at 203 North LaSalle Street, as well as two additional possible locations. The Board of Trustees authorized negotiations with 425 South Financial Place and a lease was signed in February 2019. The Board selected Bear Construction as general contractor in April 2019. The physical move is planned for the fourth quarter.
Additional information will be made available when the move date is finalized. CTPF will provide updates and information on its website at ctpf.org/onthemove.