The John Buck Co. Inks Lease at 1.2 MSF Chicago Tower

The John Buck Co. has signed a 57,000-square-foot lease at 155 N.  Wacker Drive, an approximately 1.2 million-square-foot office tower in Chicago’s central business district.

The tenant is law firm Smith, Gambrell & Russell, that will relocate its Chicago office at the building’s 30th and 31st floors, with moving in scheduled for early 2026. JLL brokered the deal on behalf of the tenant.

Notable tenants at the property include Monroe Capital, Marsh USA Inc., LSV Asset Management, Greenhill & Co., WP Global Partners, American Hospital Association and UL Solutions, among others, according to CommercialEdge. A recent office deal signed at the property is Sompo International’s more than 28,000-square-foot relocation, The Real Deal reported. The lease closed in February this year with the insurance provider doubling its footprint at the location.

The office tower earned WELL Health-Safety Rating, Wired Platinum certification and SmartScore Platinum rating. 155 N. Wacker Drive rises 46 stories and features 20 passenger elevators, 25,570-square-foot floorplates, 11,393 square feet of retail space and 160 vehicle parking spots, according to the same source. Other features include a fitness center, a conference center, energy-efficient glass and column-free spaces.

Designed by Goettsch Partners and completed in 2009, the property is close to multiple bus and subway stations, as well as to various dining and retail options. The building allows easy access to interstates 290 and 90, being 11 miles from the Chicago Midway International Airport and 17 miles from Chicago O’Hare International Airport.

JLL International Director Meredith O’Connor and Executive Managing Director Matt Carolan negotiated the lease on behalf of the tenant.

Low rent prices in the Windy City

Chicago’s office vacancy rate stood at 19.1 percent as of July, a recent CommercialEdge office report shows. The figure is higher than the national figure of 18.1 percent and marked a 50 basis points year-over-year decrease. Meanwhile, the average asking rent fell 1 percent year-over-year and stood at $27.27 per square foot, putting Chicago among the top five most affordable office markets in the U.S.

Among significant leases closed in the metro is Heitman’s 10-year extension signed with financial services firm Mesirow. The tenant will continue to occupy more than 100,000 square feet at 353 N. Clark St., a 1.2 million-square-foot office tower in downtown Chicago.