Law Firm Nears 65K SF Lease In Irvine’s Skyscraper

Irvine Company is on the verge of tallying another victory that will also put a dent in Chicago’s record-high office vacancy rate, a rarity for a market that’s still climbing out from the pitfalls of the pandemic.

New York-based law firm White & Case is nearing a deal to lease about 65,000 square feet across three floors in Irvine’s 60-story tower at 300 North LaSalle Street, Crain’s reported.

If the deal gets finalized, White & Case would relocate from 111 South Wacker Drive, where it occupies almost 38,000 square feet in a lease that’s set to expire in 2026.

The impending relocation stands out amid a years-long trend of companies slashing their Chicago real estate footprints in response to the remote-work era, contributing to an office vacancy rate of nearly 24 percent last quarter.

While White & Case’s exact reason for expanding its operation remains unclear, the firm has notably increased its local headcount to more than 55 attorneys since establishing a presence in Chicago with just three lawyers in 2018.

For Irvine, the lease would add to a string of recent wins at the River North skyscraper. Last week, law firm Crowell & Moring leased about 50,000 square feet across two floors in the building. Real estate investment trust Ventas is also in talks to occupy about 50,000 square feet at the site.

The string of deals is especially crucial given Irvine’s ongoing $30 million renovation of the 1.3 million-square-foot tower. Plus, the arrival of new tenants would fill part of the 850,000-square-foot hole created by the loss of the building’s two largest tenants: Kirkland & Ellis and Boston Consulting Group. Law firm Winston & Strawn also filled some of that void last year, when it leased 150,000 square feet.

Meanwhile, White & Case’s potential departure from 111 South Wacker mirrors a similar move by Locke Lord, another major tenant in the building that’s plotting to relocate. The law firm is in talks to lease just under 80,000 square feet across three floors in the 853,000-square-foot tower at 225 West Randolph Street.

—Quinn Donoghue