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BRE is planning to relocate its Chicago office to an Irvine Company-owned tower in River North. The commercial real estate giant will lease about 55,000 square feet of lower-floor space at 300 North LaSalle Street, a 60-story skyscraper. This move reflects CBRE's strategy to adapt to changing office needs driven by hybrid and remote work trends.

    The relocation is part of a broader effort by Irvine Company to maintain its financial stability in the face of market challenges for office landlords. Despite paying off a $471 million loan balance on 300 North LaSalle without refinancing, Irvine has preserved its focus on high-value assets in key markets. The company has also backfilled vacancies left by large tenants like Kirkland & Ellis and Boston Consulting Group with leases from law firms Winston & Strawn, White & Case, and Crowell & Moring, as well as real estate investment trust Ventas.

    CBRE's relocation will result in a reduction of its local footprint, but the firm is maintaining a prominent presence in the city. The pending deal reflects a slight downsizing, with CBRE exiting its space at 321 North Clark Street to occupy about 55,000 square feet at 300 North LaSalle Street. Office users are seeking premium spaces post-pandemic, with properties like 300 North LaSalle experiencing a vacancy rate of under 5 percent in downtown Chicago.