Chicago-headquartered Nitel is one of the fastest growing companies in the US, recognized the last eight years in the Inc. 5000 fastest growing companies publication. Founded in 2004, the firm was previously located at 1101 W. Lake St. in Chicago’s Fulton Market. The firm looking for a high tech office space to facilitate its rapid growth and CBRE found the ideal location.
“We are experiencing rapid growth and this move will ensure that our company is well-positioned to accommodate our expanding staff in a high tech environment, in a building with ample size for more growth,” said co-founder Ron Grason. “This new space will also allow us to better brand our firm, and put us in one of the city’s most active office markets.”
The space at River North Point is fully built-out and Nitel will make modest tenant improvements to its new space to accommodate density.
Nitel will be vacating 20,000 square feet in its former office space at 1101 W. Lake, which is located on the fourth and sixth floors.
Fulton Market is perhaps the city’s most popular office submarket right now and lacks sufficient product to meet demand. According to CBRE Research, the Fulton Market neighborhood currently offers 2,261,500 square feet of office space and has an overall vacancy rate of 7.6 percent, making it one of the tightest markets in Chicago and well below the total CBD vacancy of 10.2 percent.
“Availability for office space in Fulton Market is already difficult to find, but for the type of product that Nitel is leaving—original brick-and-timber loft office space with high ceilings—it’s almost non-existent,” said CBRE’s Kamin. “With this product at this location, we believe it will attract a lot of interest.”
Located two blocks west of the CTA’s new Morgan “L” Station and just off of Randolph Street’s Restaurant Row, the offices are ideally located in what has become the city’s most popular submarket for everything from start-up tech firms to major corporations.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Nitel, Inc.
Nitel operates the largest interconnected network platform in North America, delivering hybrid networking, managed security, voice and cloud enablement solutions to multi-national enterprises. Leveraging a broad array of service offerings, including MPLS, SD WAN, Internet, wireless, SIP trunking, private cloud connection, next generation firewall and unified threat protection, Nitel provides enterprise IT organizations both scale and reliability, as well as visibility and control via application-aware software and analytics. Headquartered in Chicago, Nitel has built a reputation for customer service, boasting a net promotor score of 72, unparalled in the industry. Please visit us at www.nitelusa.com.