Chicago’s new Bank of America Tower just landed another tenant.
California-based law firm Cooley has leased a full floor of office space in the new 55-story skyscraper at 110 N Wacker Drive, Crain’s reported.
Cooley plans to move into the building during the second quarter of 2022. The team will be relocating from the temporary subleased space the firm occupies at 444 W Lake Street.
The deal with Cooley is good news for downtown office landlords, as it comes at a time when many companies are downsizing the amount of office space occupied due to the Covid-19 pandemic.
“We’re planning for [the] longer term, what this is going to look like a year from now or five years from now. We’re betting people are going to be in the office,” said Rick Ginsberg, partner in charge of Cooley’s Chicago office.
Office vacancies in downtown Chicago hit a record of almost 20 percent in 2021. Some companies, like Chicago law firm Jenner & Block are staying in the office space they currently occupy but are reducing the amount of space they lease. With the emergence of the Delta strain of Covid-19, many companies are now rethinking their plans on timing to return to the office.
Cooley, which will lease 30,000 square feet on the 42nd floor, joins multiple other tenants at 110 N Wacker, including other law firms like Jones Day, Perkins Coie and Morgan Lewis & Bockius.
The tower became the tallest new office building in Chicago in 30 years when it opened in 2020.
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[Crain’s] — Victoria Pruitt