Medline Triples Its Presence at THE MART, Vornado Realty Trust’s Iconic Downtown Chicago Property
Medline, a leading healthcare company, has significantly expanded its presence at THE MART, Vornado Realty Trust's (NYSE: VNO) iconic property in downtown Chicago. The company has more than tripled its office space from 51,000 to 161,000 square feet, securing a long-term lease through 2036. This expansion makes Medline one of THE MART's largest tenants.
THE MART, a 3.7-million-square-foot property, is home to numerous creative and innovative companies. Vornado recently completed a $70 million renovation program, enhancing the building's amenities and features. This expansion underscores THE MART's continued appeal in the Chicago office market and Medline's commitment to growth and employee well-being.
Medline, una delle principali aziende sanitarie, ha notevolmente ampliato la sua presenza a THE MART, la proprietà iconica di Vornado Realty Trust (NYSE: VNO) nel centro di Chicago. L'azienda ha triplicato più di tre volte il suo spazio ufficio passando da 51.000 a 161.000 piedi quadrati, assicurandosi un contratto di locazione a lungo termine fino al 2036. Questa espansione rende Medline uno dei più grandi inquilini di THE MART.
THE MART, una proprietà di 3,7 milioni di piedi quadrati, ospita numerose aziende creative e innovative. Vornado ha recentemente completato un programma di ristrutturazione da 70 milioni di dollari, migliorando i servizi e le caratteristiche dell'edificio. Questa espansione sottolinea l'appeal continuo di THE MART nel mercato degli uffici di Chicago e l'impegno di Medline per la crescita e il benessere dei dipendenti.
Medline, una de las principales compañías de atención médica, ha ampliado significativamente su presencia en THE MART, la icónica propiedad de Vornado Realty Trust (NYSE: VNO) en el centro de Chicago. La compañía ha triplicado su espacio de oficina de 51.000 a 161.000 pies cuadrados, asegurando un contrato de arrendamiento a largo plazo hasta 2036. Esta expansión convierte a Medline en uno de los inquilinos más grandes de THE MART.
THE MART, una propiedad de 3,7 millones de pies cuadrados, alberga numerosas empresas creativas e innovadoras. Vornado recientemente completó un programa de renovación de 70 millones de dólares, mejorando las comodidades y características del edificio. Esta expansión subraya el continuo atractivo de THE MART en el mercado de oficinas de Chicago y el compromiso de Medline con el crecimiento y el bienestar de los empleados.
메드라인(Medline)은 주요 의료 기업으로서 시카고 중심지에 위치한 보르나도 리얼티 트러스트(Vornado Realty Trust)(NYSE: VNO)의 상징적인 자산인 THE MART에서 그 입지를 대폭 확장했습니다. 이 회사는 사무실 공간을 3배 이상 늘리며 51,000에서 161,000 평방 피트로 증가시켰으며, 2036년까지 장기 임대 계약을 체결했습니다. 이번 확장은 메드라인을 THE MART의 가장 큰 세입자 중 하나로 만듭니다.
THE MART는 370만 평방 피트 규모의 부동산으로 수많은 창의적이고 혁신적인 회사들이 있습니다. 보르나도는 최근 7천만 달러 규모의 리노베이션 프로그램을 완료하여 건물의 편의 시설과 기능을 향상시켰습니다. 이번 확장은 시카고 오피스 시장에서 THE MART의 지속적인 매력을 강조하고 메드라인의 성장 및 직원 복지에 대한 헌신을 보여줍니다.
Medline, une des entreprises leaders dans le secteur de la santé, a considérablement élargi sa présence à THE MART, la propriété emblématique de Vornado Realty Trust (NYSE: VNO) dans le centre de Chicago. L'entreprise a plus que triplé son espace de bureau, passant de 51 000 à 161 000 pieds carrés, assurant un bail à long terme jusqu'en 2036. Cette expansion fait de Medline l'un des plus grands locataires de THE MART.
THE MART, une propriété de 3,7 millions de pieds carrés, abrite de nombreuses entreprises créatives et innovantes. Vornado a récemment achevé un programme de rénovation de 70 millions de dollars, améliorant les commodités et les caractéristiques du bâtiment. Cette expansion souligne l'attrait continu de THE MART sur le marché des bureaux à Chicago et l'engagement de Medline envers la croissance et le bien-être de ses employés.
Medline, ein führendes Gesundheitsunternehmen, hat seine Präsenz in THE MART, der ikonischen Immobilie von Vornado Realty Trust (NYSE: VNO) im Zentrum von Chicago, erheblich erweitert. Das Unternehmen hat seine Bürofläche mehr als verdreifacht und von 51.000 auf 161.000 Quadratfuß erhöht, wobei es einen langfristigen Mietvertrag bis 2036 sichern konnte. Diese Expansion macht Medline zu einem der größten Mieter von THE MART.
THE MART, eine Immobilie mit 3,7 Millionen Quadratfuß, beherbergt zahlreiche kreative und innovative Unternehmen. Vornado hat kürzlich ein Renovierungsprogramm in Höhe von 70 Millionen Dollar abgeschlossen, das die Annehmlichkeiten und Merkmale des Gebäudes verbessert. Diese Erweiterung unterstreicht die anhaltende Attraktivität von THE MART auf dem Büromarkt in Chicago und Medlines Engagement für Wachstum und das Wohlbefinden der Mitarbeiter.
- Medline expanded its office space from 51,000 to 161,000 square feet at THE MART
- Long-term lease secured through 2036, indicating stable tenant relationship
- Vornado completed a $70 million renovation program, enhancing property value
- THE MART continues to attract major tenants, maintaining its appeal in the Chicago office market
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Insights
Medline's significant expansion at THE MART is a positive indicator for the Chicago office market. The 161,000 square foot lease demonstrates strong demand for premium office space, particularly from growing healthcare companies. This deal is notable for several reasons:
- It's a long-term commitment through 2036, showing confidence in the property and location.
- The expansion triples Medline's presence, making them one of THE MART's largest tenants.
- It utilizes a contiguous space, which is often preferred for operational efficiency.
For Vornado Realty Trust, this deal strengthens their tenant mix and potentially increases the property's value. The
Medline's expansion at THE MART reflects the robust growth in the healthcare sector. As the largest medical-surgical product manufacturer and supply chain provider, Medline's need for additional space indicates:
- Increased demand for medical supplies and services
- Potential expansion of their product lines or service offerings
- Growth in their workforce, possibly in areas like R&D, sales, or operations
This move aligns with the trend of healthcare companies centralizing operations in urban centers to attract talent and foster innovation. The proximity to other tech and healthcare companies at THE MART could lead to potential collaborations or partnerships, further driving Medline's growth. Investors should view this as a positive signal for both Medline and the broader healthcare industry, suggesting continued expansion and investment in the sector.
Medline’s 161,000 SF Lease Makes the Growing Healthcare Company One of THE MART’s Largest Tenants
THE MART
3.7 MM SF Property on the River North, Chicago, IL
CHICAGO, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Medline and Vornado Realty Trust (NYSE: VNO) today announced an agreement to expand Medline’s presence at THE MART by 110,000 square feet, making it one of the largest tenants at Vornado’s iconic, 3.7-million-square-foot property in downtown Chicago.
Medline will more than triple its offices in THE MART from 51,000 to 161,000 square feet as part of a single, contiguous space across the majority of the 12th floor, committing to a long term lease with Vornado which will run through 2036.
Headquartered in Northfield, Illinois, Medline is the healthcare industry’s largest medical-surgical product manufacturer, supply chain provider and clinical solutions partner. Medline currently has over 39,000 employees worldwide and does business in more than 100 countries and territories. Medline brings improved clinical, financial and operational outcomes across all points of care —from large healthcare systems and independent physician practices to home health patients and their families.
“As Medline continues to grow, the company is committed to ensuring it has the space needed for employees to thrive, collaborate and feel connected to the culture that has sustained us through the years,” said Kate Slattery, Vice President of Real Estate and Construction for Medline. “Medline regularly optimizes our footprint and operations to best serve our customers and empower our team members. We are thrilled with the results from our current offices in THE MART and are pleased to be expanding this partnership further.”
“Medline is one of the Chicago area’s largest and most pre-eminent companies, and we are thrilled to be able to support their continued growth,” said Glen Weiss, Executive Vice President, Co-Head of Real Estate at Vornado. “With its prime location and unrivaled amenity program, THE MART aligns perfectly with Medline’s needs and continues to be a major bright spot in the Chicago office market.”
Spanning two full city blocks, THE MART serves as the home to Chicago's most creative and technologically innovative companies, including Motorola Mobility, 1871, PayPal and MATTER, as well as Fortune 500 companies Conagra Brands, Allstate, Beam Suntory, Avant and Grainger. The 25-story building is also the largest and most important center for design in North America with more than 250 premier design showrooms offering the latest resources for both residential and commercial markets.
Vornado recently completed the final phase of a more than
Medline was represented in the transaction by J. Frank Franzese and Steven Bauer of Colliers. Vornado was represented by Andrea Saewitz, Wendy Katz & Ben Cleveland of Stream Realty.
About Medline
Medline makes healthcare run better. Through its unique offering of world-class products, supply chain resilience and clinical practice expertise, Medline delivers improved clinical, financial and operational outcomes across all points of care. Headquartered in Northfield, Illinois, Medline is the healthcare industry’s largest medical-surgical product manufacturer, supply chain provider and clinical solutions partner. The company employs more than 39,000 people worldwide and operates in over 100 countries and territories. For more information, visit www.medline.com.
About Vornado Realty Trust
Vornado Realty Trust is a fully integrated real estate investment trust (“REIT”) with a portfolio of premier New York City office and retail assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns the premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with over 27 million square feet of LEED-certified buildings and over 23 million square feet at LEED Gold or Platinum.
CONTACT (Medline)
Kristi Krasovetz - Director, Public Relations
(773) 251-4762
CONTACT (Vornado Realty Trust)
Thomas Sanelli
(212) 894-7000
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2023. Currently, some of the factors are the increased interest rates and inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/321b33fe-a357-441a-a56a-466f4d4ac0cd
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