Ventas in Talks To Lease 50K SF in LaSalle Street Tower

Irvine Company is on the brink of landing a major tenant at its office tower along the Chicago River.

Real estate investment trust Ventas is in talks to move its headquarters to about 50,000 square feet in the 60-story building at 300 North LaSalle Street, CoStar reported. If the deal goes through, Ventas will relocate from the 47-story tower at 353 North Clark Street, where it occupies roughly the same amount of space.

JLL brokers Matt Carolan and Meredith O’Connor are representing Ventas in lease negotiations, while Greg Tait, Maggie Brophy, Jamion Hartley and Hannah Fahey represent Irvine.

The deal would mark the second-largest tenant addition since California-based Irvine unveiled its $30 million plan to renovate the building last year. The renovation is set to include amenities such as the Chicago Cut restaurant, fitness and conference centers, and revamped indoor and outdoor spaces overlooking the Chicago River.

Irvine’s upgrades aim to counteract the impending departures of major tenants like law firm Kirkland & Ellis and consulting giant Boston Consulting, which are relocating to other upscale towers nearby. Despite these challenges, trophy properties along Chicago’s riverfront have demonstrated resilience in a competitive leasing environment.

A number of office landlords in Chicago have been compelled to upgrade their assets since the pandemic triggered the remote-work era and drove up vacancies to an all-time high. Companies are flocking to updated, amenity-filled office buildings, as they offer a chance to lure employees back to the office.

While Irvine has some vacancies to fill, it recently secured a 148,000-square-foot lease from law firm Winston & Strawn. Plus, private equity firm GTCR expanded its footprint in the building earlier this year, upping its occupancy by about 11,000 square feet, to 86,000 square feet, while also extending its lease by five years, the outlet said.

—Quinn Donoghue