Irvine Leases 300 KSF+ of Office Space in Downtown Chicago

By Roxana Baiceanu

71 South Wacker Tower, Chicago

Irvine Co., the owner of three of the seven trophy towers rising in Downtown Chicago, inked more than 20 leases accounting for more than 300,000 square feet of office space. The locations were One North Wacker, 300 North LaSalle and 71 South Wacker.

Most of the leases involved spaces of up to 10,000 square feet. Office expansions for law firms Barnes & Thornburg and Quarles & Brady represented the largest deals.

Three Iconic Towers

One North Wacker, the 50-story skyscraper at 1 N. Wacker Drive, became part of Irvine’s office portfolio in 2011. Some of the most notable leases closed at this location were:

• a 98,000-square-foot expansion for law firm Barnes & Thornburg;
• a lease extension for 17,000 square feet for Sedgwick;
• 14,500 square feet of new office space for Berkshire Hathaway;
• an 11,000-square-foot expansion for investment manager Castle Ark.

The 1.3 million-square-foot building at 300 North LaSalle was acquired by Irvine in 2014. Among the tower’s new tenants are McDonald Hopkins, MoloLamken and Brunswick Group. Law firm Quarles & Brady signed an agreement for a lease expansion of more than 100,000 square feet.

At 71 South Wacker, the 48-story Pei Cobb Freed building, Irvine welcomed Consolidated Trading, which leased 10,000 square feet, and Birch Lake among other tenants.

Image courtesy of Irvine Co.