Cboe Global Markets to Relocate Headquarters to Chicago's Landmark Old Post Office Building
PRNewswire 17-Sep-2019 11:15 AM
CHICAGO, Sept. 17, 2019 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), one of the world's largest exchange holding companies, today announced plans to move its global headquarters in Chicago to the Old Post Office building at 433 W. Van Buren Street. The company also plans to build new trading floor and office space at 141 W. Jackson Boulevard.
Cboe will occupy approximately 185,000 of the 2.3 million rentable square feet within the Old Post Office building and expects to relocate its Chicago staff, representing approximately half the company's employees, in the second half of 2020. The company announced its plans to Cboe employees at a global Town Hall meeting earlier today.
"Our primary goal in selecting a new headquarters was to provide a unique, state-of-the-art environment for our employees and customers – one befitting an innovative company operating at the forefront of financial markets around the world," said Ed Tilly, Chairman, President and Chief Executive Officer of Cboe Global Markets. "After a rigorous evaluation process, the Old Post Office was determined to be the ideal fit as its renovation is transforming this landmark building into a showcase property with world-class features and amenities."
Tilly added: "Cboe has played a critical role in making Chicago the financial derivatives capital of the world and continues to draw a community of traders, clearing firms and other market participants to the city. Relocating our headquarters to the Old Post Office reinforces our commitment to maintaining Chicago's status as a key financial center in the global economy."
Cboe also announced plans to move its trading floor – which includes trading pits for S&P 500 Index (SPX) options and Cboe Volatility Index (VIX) options – to approximately 40,000 square feet of leased office and trading floor space at 141 W. Jackson in 2021. The building, also known as the historic Chicago Board of Trade (CBOT) Building, is home to several banks, trading firms and others in the financial industry. Cboe plans to build its new trading floor on the seventh and eighth floors of the building.
The historic CBOT Building was Cboe's first trading floor home when it was founded in 1973. The new Cboe trading floor build-out will occupy the same area that housed Cboe trading pits in the late '70s and early '80s, until Cboe moved to its current headquarters at 400 S. LaSalle Street in 1984.
"Our customers continue to find value in the trading floor experience, therefore Cboe remains committed to supporting open outcry," Tilly continued. "We're demonstrating this through a long-term lease and move to a building that affords robust trading floor infrastructure and amenities."
Cboe will celebrate its recommitment to Chicago with Mayor Lori Lightfoot and other guests at a special gathering in the Old Post Office lobby in October.
The company has signed a 15-year lease, with a 5-year renewal option, for its new space in the Old Post Office building and a 12-year lease for its new space in 141 W. Jackson. The company plans to sell its current building.
Holly Duran Real Estate Partners (HDREP) is Cboe's primary real estate advisor, with managing broker Holly Duran and partner Jeff Mulder leading the efforts on these transactions. Based in Chicago and certified by the city as a Women-Owned Business Enterprise, HDREP is a global real estate strategy and advisory services firm that provides innovative, cost-efficient solutions to commercial tenants.
Cboe has commissioned CannonDesign as its design firm for the project. Recognized by Fast Company as one of the most important and innovative design companies of 2019, CannonDesign will help Cboe with design, workplace strategy, change management and engineering services.
Pepper Construction is the general contractor for the build of Cboe's new spaces.
Cboe is represented by outside counsel Jenner & Block.
The Old Post Office is being redeveloped by 601W Companies, which is represented in leasing by the Telos Group.
141 W. Jackson is owned by a partnership between Glenstar and Oaktree Capital, and leased and managed by Glenstar.
For more information on Cboe's relocation plans, view the fact sheet online.
About Cboe Global Markets, Inc.
Cboe Global Markets, Inc. (Cboe: CBOE) is one of the world's largest exchange holding companies, offering cutting-edge trading and investment solutions to investors around the world. The company is committed to relentless innovation, connecting global markets with world-class technology and providing seamless solutions that enhance the customer experience.
Cboe offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, U.S. and European equities, exchange-traded products (ETPs), global foreign exchange (FX) and multi-asset volatility products based on the Cboe Volatility Index (VIX Index), the world's barometer for equity market volatility.
Cboe's trading venues include the largest options exchange in the U.S. and the largest stock exchange by value traded in Europe. In addition, the company is one of the largest stock exchange operators in the U.S. and is a leading market globally for ETP trading.
The company is headquartered in Chicago with offices in Kansas City, New York, London, Amsterdam, San Francisco, Singapore, Hong Kong and Quito, Ecuador. For more information, visit www.cboe.com.
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Cboe®, Cboe Global Markets®, Cboe Volatility Index® and VIX® are registered trademarks of Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.
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SOURCE Cboe Global Markets, Inc.
