Listing is piling up in the mountain of downtown office space in the secondary market, which has helped keep the city’s office vacancy rate at an all-time high. The return of more in-person work this year has put more businesses back on the hunt for leases, prompting more tenants to try and unload space they may no longer need, with less hassle. employees in the office on a regular basis.
As of July 1, nearly 6.3 million square feet of downtown office space was available for sublease, 95% more than at the start of the COVID-19 pandemic, according to company data of CBRE real estate services.
OppFi, which was previously known as OppLoans and went public last July, recently decided it didn’t need all of its Prudential Plaza office space after watching its staff “continue to excel” with a combination of working from home and in the office during the public health crisis, a company spokesperson said in a statement.
“While we would like to retain our first downtown space, we believe our business can continue to operate effectively with a hybrid model,” the statement read.
OppFi plans to keep some office space — in the range of 20,000 to 30,000 square feet — but is open to subletting its entire Prudential Plaza office and relocating, broker Dan Maslauski said. of Cushman & Wakefield, which markets the space on behalf of the company.
OppFi has gradually expanded its footprint in the building and today leases nearly 23,000 square feet on the 26th, 33rd and 34th floors, as well as more than 10,000 square feet on the 35th floor, according to the Cushman flyer.
The listing also comes after a substantial downsizing of OppFi, although the company’s spokesperson did not say whether this helped prompt the sublease offer. The company now has 461 employees, the spokesperson said, compared to 541 in March and 573 at the end of last year, according to regulatory filings.
The cuts coincided with a management reshuffle, with former CEO Neville Crawley leaving in February after less than two months on the job and former chief financial officer Shiven Shah leaving the company a month later.
OppFi lends at high interest rates over the internet to consumers with poor credit and was seventh on Crain’s “Fast 50” list last year. But the company’s stock price fell to just over $3 a share at the end of last month, from around $10 when it began trading last summer.
OppFi’s sublet offering – among the largest today in the city – follows recent announcements of move-in ready office space from PR firm Edelman and Here Technologies in the West Loop, who are now trying to sublet nearly 170,000 square feet combined. Other additions to the sublease mix include Health Care Service Corp. offering two floors at the Aon Center and Motorola Solutions seeking to sublet 30% of its headquarters at 500 W. Monroe St.