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Financial Corridor on Verge of Losing 3 Big Financial Tenants

Three big banks are planning to leave LaSallle Street, the Central Loop thoroughfare that was established as Chicago’s financial district a century ago. The three relocations will result in vacancies totaling 1.8 million square feet over the next five years, Crain’s Chicago Business reported.

Bank of America will reportedly move to a new tower at 110 N. Wacker Dr. in 2020, while BMO Harris is in discussions to leave LaSalle Street for a proposed tower near Union Station in 2022. Northern Trust is reportedly poised to consolidate Chicago operations into the East Loop in 2023.

LaSalle Street’s office stock is characterized by “older buildings and small floorplates—two things that are not really the trend these days,” MB Real Estate’s Andy Davidson told Crain’s. Landlords along the corridor face competition from six million square feet of new construction in the Fulton Market District alone, along with millions more elsewhere downtown.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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