Morningstar looking at move from Block 37 to Marshall Field building

Morningstar may be on the move in Chicago.

UPDATED, Feb. 11, 2022, 5:32 p.m.: The financial research firm is considering a relocation to the historic Marshall Field building, home to Macy’s, Crain’s reported, citing unidentified people familiar with the search. It may want up to 250,000 square feet.

Morningstar’s lease expires at the end of 2023, and it has considered staying put in the 263,000 square feet it has in the Block 37 building at 22 Washington Street. A move became more likely last month, when its landlord, a venture of New Jersey-based PGIM Real Estate, started shopping the offices as available starting in January 2024.

The Washington Street building is fully leased, according to CoStar. About 60 percent is used by Morningstar, setting the landlord up for a test amid the health crisis

Morningstar “always undertakes a rigorous real estate evaluation process when we approach the end of an office lease term,” spokeswoman Stephanie Lerdall told Crain’s in a statement. “For our space in Chicago, our evaluation of options—including our existing location—includes criteria we believe is essential to developing the Morningstar employee experience of the future.” She said the “evaluation is not yet complete.”

A shift to Marshall Field would be a win for Brookfield Properties, the Toronto-based developer that Crain’s says has renovated parts of the landmark building into offices.

The Marshall Field building last month landed online admission ticket broker Vivid Seats as a tenant across 48,000 square feet on the ninth floor, TRD reported.

A move would also be a positive sign for downtown properties, where commercial vacancies have surged amid the pandemic and the transition to remote work.

Morningstar has also considered moving to Fulton Market and anchoring a new project in an area that has defied the city’s record vacancies by gaining tenant commitments over the last year, Crain’s reported.

[Crain’s] – Sam Lounsberry