O
nni Group has secured another major tenant for its renovated Loop office building, The Bell. Locke Lord has leased 65,000 square feet at 225 West Randolph Street, marking a significant win for the developer. The law firm is relocating from Heitman's 111 West Wacker, where it had been rumored to be leaving since March. Stream Realty Partners represented Locke Lord in the deal, while Telos Group represents The Bell.

    The Bell is undergoing a $130 million renovation as part of its historic-landmark tax breaks agreement. This investment has helped attract tenants like law firm Neal Gerber & Eisenberg, recruiting firm Addison Group, and accounting firm BDO. However, these moves have not significantly impacted the overall office market, with many tenants relocating from one Loop building to another.

    Chicago's downtown office vacancy rate remains high at 25.8 percent in the third quarter, up from 23.7 percent a year ago. Onni Group purchased The Bell from Kushner Companies for $188 million in 2020, after initially buying it for $276 million in 2007. As part of the sale, the city designated the property a landmark, allowing Onni to obtain significant tax breaks through a Class L tax status.