Boston Consulting Group is in advanced talks to relocate its Chicago office to the Fulton Market District.
The firm is closing a deal for about 200,000 square feet at a proposed office building at 360 North Green Street, Crain’s reported. The new building has been proposed by developer Sterling Bay.
Boston Consulting would move from its longtime office at 300 North LaSalle Street where it has been since 2009. People familiar with the matter say the firm is still considering signing a new lease for its current office once it expires in 2024, Crain’s said.
The move would make Boston Consulting the first major tenant to lease office space north of the Metra tracks. It would mark another loss for the 1.3 million-square-foot LaSalle Street tower, which recently lost anchor tenant Kirkland & Ellis. The law firm announced it would be moving to the new Salesforce Tower under construction nearby. Together, they would leave the building, which is owned by Irvine, with more than 850,000 square feet of vacant offices.
The company bought the 60-story building in 2014 for $850 million — the highest price ever paid for a Chicago office building at the time.
Sterling Bay’s redesign plans for the Green Street building include shrinking the size of the floors and adding nine additional stories. Professional services companies and law firms tend to avoid buildings with larger floor plates.
Sterling Bay recently secured tenants for another office building at 333 North Green Street. The developer is also working on a 200,000-square-foot office building at 345 North Morgan Street, half of which is already leased to Havi Group.
[Crain’s] — Victoria Pruitt