Societe Generale Lands Law Firm Lease After Chicago Takeaway

Wilson Elser is trimming its Chicago space and relocating to a smaller office in the Central Loop.

The New York law firm secured 20,000 square feet on the 45th floor of 161 North Clark Street, Crain’s reported. Cushman & Wakefield’s Ari Klein and Scott Shelbourne negotiated the lease for the tenant.

The landlord of the 50-story building is Societe Generale, which took ownership last March following a $236 million foreclosure. The lender, led by CEO Slawomir Krupa, recently signaled long-term ownership plans and a strategy to attract tenants, despite previous efforts to sell the property.

The law firm will exit 34,600 square feet at 55 West Monroe Street, which is owned by Toronto-based Manulife and has faced declining occupancy. The 40-story tower also lost its largest tenant last year, the Financial Industry Regulatory Authority, which vacated more than 61,000 square feet. The building is about 47 percent vacant.

Its new office is near Google’s future Midwest headquarters. The tech giant is renovating the 1.2-million-square-foot Thompson Center with developers Mike Reschke and Quintin Primo and will occupy floors three through nine.

The Thompson Center’s redevelopment is anticipated to boost the Loop’s office market as businesses seek efficient downtown workspaces in the post-pandemic era.

The relocation is part of a larger trend of office tenants reducing space amid changing work habits. The resulting decline in office demand led to 26.3 percent vacancy rate in the fourth quarter, adding to the difficulties downtown landlords face in filling large unoccupied offices.

— Andrew Terrell