Two prominent law firms are reshuffling their office space in a coordinated expansion effort in downtown Chicago.
New York-based Willkie Farr & Gallagher is nearly doubling its office footprint in Irvine Company’s 300 North LaSalle Street by subleasing two floors from fellow law firm Quarles & Brady, Crain’s reported. Meanwhile, Quarles & Brady is moving to John Buck Company’s 155 North Wacker.
Willkie Farr’s expansion totals 50,000 square feet and brings its occupancy in the 57-story River North building to 105,000 square feet, a substantial increase since it entered the Chicago market in March 2020.
“We have always been in a position where we did not have enough offices for the number of lawyers and professional staff that we have,” Willkie Farr’s Midwest Chairman Craig Martin said.
It first leased the full 50th floor and later expanded to the 51st floor. The firm’s headcount has ballooned from 24 attorneys to about 100, with another dozen lawyers expected to join by the end of next month. It will take over the 40th and 52nd floors next spring.
Milwaukee-based Quarles & Brady leased 56,000 square feet at the 48-story tower at 155 North Wacker in the Loop. Colliers’ Steven Bauer and Frank Franzese represented Quarles & Brady, and Newmark’s Bill Rolander represented John Buck.
The firm’s Chicago presence has grown to nearly 100 attorneys, and it wanted a fresh build-out, Chicago Managing Partner Mark Bina said. It is a long-term lease that extends beyond the expiration of the previous one.
Chicago office landlords have been battling record vacancy rates, driven by remote work trends. The city’s central office market has lost more than 1.7 million square feet of tenants since 2020, pushing vacancy rates to record highs.
However, Class A office buildings like 300 North LaSalle and 155 North Wacker have weathered the storm better than their lower-tier counterparts.
Irvine is investing $30 million in renovations for its debt-free 300 North LaSalle which recently attracted law-firm tenants Winston & Strawn and Crowell & Moring.
— Andrew Terrell
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