Classified Ventures,
Chicago's Largest Internet Company,
Moves into Historic Insurance Exchange Building

 

CHICAGO - February 25 - Classified Ventures, Chicago's largest Internet company, today initiated the move of more than 400 staff from two separate offices into a new high tech Loop location at 175 W. Jackson. With all staff located on a single floor, the consolidated facility will have the one of the largest footprints of any office in the city and will accommodate the rapid growth of Classified Ventures' national online network of auto, real estate and auction web sites.

"Our primary goal is to bring all of our Chicago-based employees together on a single floor in a single facility, a significant challenge given our size and rapid growth," said David G. Israel, president and chief executive officer of Classified Ventures. "The consolidated layout will dramatically impact operational efficiencies, and the integrated facility has better means of communication, better access to corporate facilities and greater capacity for growth." Classified Ventures' lease of the space last October represented the largest Internet-company lease in the downtown market for 1999.

Classified Ventures' new home will be on the eighth floor of the historic Insurance Exchange Building, a newly renovated building designed by Daniel Burnham in 1912. The $75 million, full-scale renovation updates the 87-year-old building to meet the needs of companies participating in the digital economy.

With a footprint as wide as a city block and longer than a football field, the 67,687-square-foot space and more than 20 conference rooms will accommodate the growing Internet company for a number of years. To acclimate Classified Ventures' staff and visitors to the large floor space, a street address system was put into place that consists of numbered north/streets and lettered east/west streets. Company employees voted to name the main corridors after famous city streets, including Bourbon Street, Market Street, Michigan Avenue and Sunset Boulevard. Coincidentally, Sunset Boulevard borders the west side of the building to provide a view of the sunset.

Classified Ventures had previously maintained two separate locations at 30 S. Wacker and 547 W. Jackson to accommodate the company's significant growth. Staff from 30 S. Wacker will move to the new location this week followed by employees from 547 W. Jackson in early May.

About Classified Ventures

Classified Ventures, Inc. provides nationally branded online services for the developing e-commerce opportunities in the classified advertising market place that build upon the capabilities and local expertise of a national affiliate network of more than 130 newspapers. The company currently operates the national Web sites Apartments.com™, www.apartments.com, cars.com™, www.cars.com, Moving Center™, www.movingcenter.com and NewHomeNetwork.com™, www.newhomenetwork.com. Classified Ventures, Inc. also operates HomeHunter™, a local resale real estate service.

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