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Mostly Vacant West Loop Offices Could Land Two Big Tenants
Sterling Bay is close to finalizing deals with Chicago-based IRI and law firm Mayer Brown to lease a combined 160,000 square feet at 311 W. Monroe St., according to Crain’s Chicago Business.
The 382,000-square-foot West Loop office building, which Sterling Bay acquired for $60 million in 2017, has been mostly vacant since BMO Harris Bank departed in 2014. It got a leasing boost when Convene signed a deal for 90,000 square feet across four floors late last year.
IRI would be leaving its longtime Clinton Street home, a 120,000-square-foot loft office building owned by W. P. Carey, that’s across the street from Ogilvie Transportation Center, Crain’s reported.
Mayer Brown’s move would bring its back-office employees closer to the law firm’s primary Chicago address at 71 S. Wacker Dr. It’s the largest tenant there, with roughly 265,000 square feet.
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