Sidley law firm deal to anchor new West Loop office tower, enabling first downtown Chicago skyscraper construction in years
By
Brian J. Rogal
Summary
Sidley, one of Chicago's largest law firms, has agreed to occupy more than half of a proposed 1-million-square-foot West Loop office tower at 725 W. Randolph St., developed by Related Midwest. The deal is expected to trigger construction of downtown Chicago's first new office skyscraper in years, as Sidley plans to move over 1,500 employees from its current location at 1 S. Dearborn St. The anchor tenant commitment is crucial for securing construction financing from financial institutions.
Source
bskySidley law firm deal to anchor new West Loop office tower, enabling first downtown Chicago skyscraper construction in yearschicagotribune.comKey quotes
· 3 pulledSidley will move more than 1,500 employees from 1 S. Dearborn St. in the Central Loop to a 1-million-square-foot high-rise that developer Related Midwest plans to build at 725 W. Randolph St.
Financial institutions typically require developers to find an anchor tenant before they fund the construction of any proposed office skyscrapers
One of Chicago's largest law firms is ready to occupy more than half of a proposed West Loop tower, a deal likely to kick off construction of the first new downtown office skyscraper in years.
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