Tishman Speyer Lands 163 KSF Chicago Lease Extension

Tishman Speyer has signed law firm Vedder to a 12-year lease extension for its global headquarters at 222 N. LaSalle St. in Chicago, where it will continue to occupy 163,000 square feet across five floors.

Vedder has been headquartered at the 26-story building since 1988 will now remain there at least through 2041.

The building’s owner is Henry Crown and Co., according to Yardi Matrix.

Completed in 1926, the 1-million-square-foot riverfront tower recently completed an expansive renovation program. Since those renovation plans were unveiled in 2024, the building has secured 490,000 square feet of leases, including significant agreements with Ninja Trader Group and Croke Fairchild Duarte & Beres. The asset is now 87 percent leased.

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Ninja Trader’s latest lease, announced in March 2025, was for a full floor of 41,929 square feet, a substantial increase from its initial lease at 222 N. LaSalle, of 19,581 square feet.

The recent upgrades at 222 N. LaSalle include renovating the lobby with new food and beverage options and adding an outdoor patio to the Zo Clubhouse. All tenants have access to Zo Clubhouse, Tishman Speyer’s amenity network of exclusive spaces and programing across its global portfolio.

The building’s location at the intersection of Wacker Drive and the LaSalle Street corridor provides easy access to the Loop, the Chicago River, River North and public transit, as well as unobstructed views of the Chicago River.

Tishman Speyer was represented by Managing Director Ellen May, Senior Director Steve Golz and Leasing Associate Bella Rapken. Vedder was represented by Savills Chairman of North American Brokerage Joe Learner and Executive Managing Director Adam Southard.

From stability to something better?

Although the downtown Chicago office market began the year with modest negative absorption of about 32,000 square feet, average asking rents and total vacancy remained stable, quarter-over-quarter, according to a first-quarter report from JLL.

Reasons for a positive near-term outlook, especially for Class A and trophy properties include a lack of new development, a limited quantity of top-tier space and ongoing office-to-residential conversions, JLL reported.