A 43‑story office tower at 30 North LaSalle Street in Chicago’s Loop has gained preliminary landmark status, which could unlock $47 million in tax reductions to support its conversion into 349 apartments.
The landmark designation, coupled with $57 million in tax‑increment financing already secured, allows developer Golub & Company and lender Corebridge Financial to advance plans to repurpose the building’s lower floors for housing, while upgrading office space above, CoStar News reported. The project is part of a city‑backed initiative to transform outdated office towers into residential units, with requirements that at least 30 percent of apartments be affordable.
Yet the landmark designation has sparked debate among preservationists, highlighting tensions between redevelopment and architectural heritage. The tower replaced Louis Sullivan and Dankmar Adler’s Chicago Stock Exchange Building, demolished in 1972 in a move widely criticized and credited with galvanizing Chicago’s preservation movement.
Chicago Sun-Times architecture critic Lee Bey called it “an ironic twist” that landmark status is now being considered for what he described as a “nondescript” replacement. Designed by Thomas Stanley, the tower incorporates New Formalism elements such as vertical columns and granite cladding, but many view it as uninspired compared to Sullivan’s ornate original. Chicago Architecture Center CEO Eleanor Gorski argued the case underscores the need for consistent preservation standards.
“When preservation rules appear either arbitrary or inflexible, it invites uncertainty, and uncertainty almost always undermines investment,” she told CoStar News.
Golub and Corebridge acquired the property through foreclosure in 2023 and aim to make it one of the first major Loop office‑to‑apartment conversions. A smaller precedent exists at the building at 79 West Monroe Street, where eight floors are being converted into 117 apartments.
Golub principal Lee Golub acknowledged the tragedy of Sullivan’s building’s demolition, which claimed the life of preservationist Richard Nickel, but emphasized the importance of reviving the office district. Plans include new windows, building systems, outdoor amenities and the return of urban farming company Farm Zero.
“We need to move forward, and 30 North LaSalle is a vital project in the rejuvenation of the LaSalle Street financial corridor,” he said.
— Joel Russell