Medline Expands Its Footprint at THE MART in Chicago

Medline's Expansion at THE MART

Medline, a leader in healthcare supply chain solutions, has made waves by announcing a substantial expansion at THE MART, a remarkable property in downtown Chicago. This iconic building, with a sprawling 3.7 million square feet, will soon welcome Medline as it increases its office space by an impressive 110,000 square feet.

A Growing Presence in Chicago

With this expansion, Medline will elevate its total occupancy at THE MART to 161,000 square feet, marking a significant leap from its previous 51,000-square-foot footprint. This change will create a large, continuous workspace that spans most of the 12th floor, allowing for a cohesive environment where collaboration can flourish.

Commitment to the Future

Medline has secured a long-term lease with Vornado Realty Trust that extends through 2036, signifying their commitment to Chicago and their dedication to providing employees with optimally designed spaces. Kate Slattery, Medline’s Vice President of Real Estate and Construction, expressed enthusiasm for this transition, stating that the new footprint will ensure that the working environment supports team collaboration and the positive organizational culture that Medline values.

The MART: A Hub of Innovation

Situated in a vibrant area of Chicago, THE MART is not just a building; it’s a thriving hub of innovation housing notable companies like Motorola Mobility, PayPal, and various Fortune 500 firms. The 25-story facility stands as a beacon for modern businesses, featuring cutting-edge design and technology that aligns perfectly with Medline's operational needs.

Renovation and Amenities

Vornado Realty Trust has recently invested over $70 million in renovations to enhance the property. These developments include a grand staircase, diverse dining options, a fitness center, and a large tenant lounge, enhancing the overall experience for employees and visitors alike. The inclusion of a beautifully landscaped River Park adds a delightful outdoor area for relaxation and collaboration.

Medline's Leadership in Healthcare

As the largest medical-surgical product manufacturer in the healthcare industry, Medline is well-established as a key supplier and clinical solutions partner. This new expansion allows them to continue driving improvements in clinical, financial, and operational outcomes across healthcare sectors. Currently, Medline employs over 39,000 professionals worldwide and operates in more than 100 countries, demonstrating extensive market reach and commitment to excellence.

Collaboration and Representation

In this real estate venture, Medline was represented by J. Frank Franzese and Steven Bauer from Colliers, while Vornado Realty Trust was represented by a team from Stream Realty. This partnership underscores the collaborative spirit that permeates through both organizations as they strive to provide exceptional services.

Strong Impact on the Local Economy

The expansion signifies more than just increased office space; it reflects Medline's positive impact on the Chicago economy. As a key employer in the region, their growth support jobs and stimulates economic activities, thus contributing to the vibrancy of the local business ecosystem.

Commitment to Community and Sustainability

Vornado Realty Trust, a reputable real estate investment trust, focuses heavily on sustainability and community impact. With a portfolio that includes a remarkable number of LEED-certified buildings, they continue to push for environmentally responsible practices as part of their business strategy.

Frequently Asked Questions

What is the purpose of Medline's expansion at THE MART?

Medline's expansion aims to provide a larger, more functional workspace that promotes collaboration and enhances their operational capacity.

How much space is Medline acquiring at THE MART?

The company is expanding its office space by 110,000 square feet, bringing its total footprint to 161,000 square feet.

What are the main benefits of Medline's new office space?

The new space will enable improved collaboration among employees and foster a culture that aligns with Medline's values and goals.

Who represented Medline in the transaction?

Medline was represented by J. Frank Franzese and Steven Bauer of Colliers during the expansion deal.

What other companies are tenants at THE MART?

THE MART houses notable companies such as Motorola Mobility, PayPal, and various Fortune 500 firms, making it a hub for innovation.

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