Morningstar Takes 275,000+ Square Feet at Thompson Center for New Chicago HQ
Morningstar, a provider of independent investment insights, has leased more than 275,000 square feet at the Thompson Center in Chicago’s Loop. The deal will relocate the company’s global headquarters to the building in late 2028. It’s reported as the largest downtown office lease announced in Chicago so far this year.
Founded in Chicago more than 40 years ago, Morningstar currently occupies roughly 263,000 square feet at 22 W. Washington St., so the move will give the firm modestly more space. The company employs more than 1,500 people in Chicago.
Morningstar will share the building with Google, which is redeveloping the property at 100 W. Randolph St. Alongside the headquarters relocation, Morningstar plans to donate $5 million to Chicago nonprofits throughout five years, beginning in 2027.
“As long-term investors, we believe in backing people and communities with enduring potential,” said Kunal Kapoor, Morningstar’s chief executive.
CBRE’s Jon Milonas, Peter Livaditis and Haley Maxwell represented Morningstar. Stacy Osmond of DLA Piper advised the company on the lease.
The Thompson Center opened in 1985 as the State of Illinois Center. Designed by Helmut Jahn, it was later renamed in honor of former Illinois Gov. James R. Thompson. Now, Google is investing approximately $280 million to renovate the 1.2-million-square-foot building. Construction began in 2024 on the project, which was originally targeted for completion in 2026 and is now scheduled to finish in 2028.
Morningstar is moving into one of the newest renovations downtown — a pattern that has defined office leasing since the pandemic.
Overall, Chicago’s office market remains more affordable than most major U.S. markets. Asking rents averaged $28.38 per square foot in August, compared with a national average of $33.20, according to Yardi Research data. Meanwhile, vacancy stood at 19.2% — the highest among Midwestern markets and above the national rate of 17.8%. Additionally, new office construction in the metro is limited with about 250,000 square feet underway.