Groupon is ending its lease for its River North headquarters two years early, risking running out of cash according to Crain’s Chicago Business. This termination of the nearly 300,000-square-foot space creates a big leasing challenge for Sterling Bay much sooner than expected.
The online-deal company recently executed an option to terminate their lease at 600 W. Chicago Ave as of Jan 31st 2024 and paid a termination fee of $9.6 million in order to end their commitment early – which was due to expire in January 2026 otherwise.
“Chicago remains our HQ and an important market for us,” said Groupon Global Head Of Communications Emma Coleman in an email statement, “but the new world of flexible/hybrid working has radically changed how companies use their spaces.” The company has had its entire space available for sublease since 2021’s start .
