PNC extends lease, plans renovations at 1 N. Franklin

PNC Bank has announced a long-term extension of its current lease for the PNC Centre at 1 N. Franklin. PNC will also begin extensive renovations to enhance brand visibility and enhance the employee and visitor experience at its downtown Chicago headquarters, in coordination with MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), on behalf of one of its largest real estate managed accounts. 

“The extension affirms PNC’s long-term commitment to Chicago, as well as the importance of doing business in the heart of our iconic financial district,” said Scott Swanson, PNC Regional President for Illinois and Midwest Territory Executive. “A new workplace configuration that puts all team members in the central tower as well as the extensive indoor and outdoor improvements, will help boost our local presence, provide a more collaborative work environment and create a premium client and visitor experience – all in keeping with PNC’s status as a national bank with distinct local delivery.”

The capital improvements include the installation of fresh, bold designs to highlight PNC’s brand image and optimization of the office environment for PNC’s downtown workforce, the regional president’s office and PNC’s key Chicago-based national business leaders.

EWP Architects has also been engaged by MetLife to design and oversee renovations to enlarge the lobby and revamp the arrival experience by capitalizing on the elegance and subtle sophistication of the existing lobby travertine. In addition, a full-floor, building-wide amenity space will be created on the 36th floor, which will enhance the tenant experience through interaction, exercise, mindfulness and outlook. Final renovations and transitions are expected to be completed in 2025.

“We are pleased to continue our longstanding relationship with PNC,” said Lou Kruk, managing director and head of Real Estate Managed Accounts, MetLife Investment Management. “PNC Centre is a premier building in the West Loop, and we’re excited to work with PNC to further enhance the experience for all workers and visitors at the property.”

PNC Centre will continue to be anchored by the recently renovated PNC retail branch on the ground floor. This is PNC’s third major investment in the space since PNC received naming rights for the PNC Centre in 2011.Today’s announcement reinforces PNC’s commitment to support economic growth, and corporate and civic leadership in the region.