Chicago's First Downtown Office Tower Since Pandemic Moves Forward

With global law firm Sidley Austin finalizing a lease to be the anchor tenant of a planned 45-story office tower at 725 W. Randolph Street in downtown Chicago, the Related Midwest project is positioned to become the first new office tower to be built in the Fulton Market District since the COVID-19 pandemic, the Council on Vertical Urbanism reports, citing Crain’s Chicago Business. Sidley intends to occupy roughly half of the tower, relocating from its existing location at 1 S. Dearborn Street when its lease expires in 2030. As elevated vacancy rates stifle new commercial development, demand remains strong for newer, amenity-rich buildings. The Related Midwest tower will feature contemporary office layouts, advanced technology and modern workplace amenities. The developer is finalizing financing now, and hopes to start construction next year.