Key facts
- Stripe will expand its Chicago office space by over 130,000 SF.
- The company has secured a new agreement for more than 222,000 SF at 350 N. Orleans St.
- The expansion will occur in phases over the next couple of years.
- Stripe's current lease at the property is set to extend to 2031.
- The deal is a positive sign for Chicago's downtown office market, which has a record high vacancy rate of 26.7%.
Payment services company Stripe is significantly expanding its office footprint in Chicago, agreeing to lease over 222,000 square feet at 350 N. Orleans St. This expansion represents more than doubling its current presence and is expected to occur in phases over the next couple of years.
Stripe initially leased close to 45,000 square feet at the property in 2022. A subsequent deal in early 2025 was set to roughly double that space to about 89,000 square feet, extending its lease to 2031. The new, larger agreement supersedes this and will enable the company to hire additional employees, with approximately 80 open roles listed for its Chicago office.
The expansion comes at a time when Chicago's downtown office market is experiencing record high vacancy rates, reaching 26.7% in the first quarter, largely due to tenants downsizing. The building itself is reportedly being considered for sale by investors, with an affiliate of Blackstone Group having previously taken out a $310 million loan on the property and subsequently facing a foreclosure lawsuit.