Econic Partners Leases Office at Chicago’s Diamond Tower

A prominent Michigan Avenue office tower notched a win in a challenging leasing environment.

Economic consulting firm Econic Partners signed an 18,700-square-foot lease at the Diamond, the rebranded office tower overlooking Millennium Park, at 150 North Michigan Avenue, marking its first long-term space in the Chicago market, CoStar reported.

Formed earlier this year and backed by Goldman Sachs Alternatives, the firm specializes in litigation and regulatory economic consulting and is already active in Washington, D.C., Los Angeles, Boston and Oakland.

CBRE’s Brad Serot and Tony Coglianese represented Econic Partners in the lease. Matt Pistorio, Adam Pines and Abby McFadyen of Madison Rose, which holds the tower’s leasing assignments, represented the landlord.

The deal represents a symbolic boost for the downtown office market, which is facing historically low demand and rising vacancy, and a step in the right direction for the tower, which has undergone significant repositioning efforts under its new owners: Italy’s billionaire Garavoglia family, controlling stakeholders in the Campari Group, and local partners R2 Companies and Anagram Capital.

The ownership group acquired the 60-story tower for $60 million in early 2024, less than half its 2017 valuation, and has invested in common-area upgrades and amenities in a bid to lure tenants. The tower’s sloped, diamond-shaped crown has long made it a fixture of Chicago skyline photos, but its location on the eastern edge of the Loop has historically been a leasing challenge due to its distance from major commuter train stations.

Alongside the Econic lease on the 28th floor, coworking provider Regus took 18,000 square feet on the 8th floor, and law firm Connolly Krause signed for 8,000 square feet on the 10th. Another 58,000 square feet is in lease negotiations, according to Madison Rose.

Brokers said proximity to Millennium Park, the Magnificent Mile and nearby hotels was a draw for Econic, which expects to host clients from across the U.S. and abroad. The firm will occupy temporary space in the building before moving into its permanent lease next year.

— Judah Duke