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Washington, D.C.-based law firm, Venable, is poised to relocate its Chicago operations from one Loop tower to another. The company is in talks to lease 25,000 square feet on the top floor of a 51-story high-rise at 111 South Wacker Drive, according to sources familiar with the matter. This move would see Venable exit its current location at 227 West Monroe Street, just a block away.

    The proposed relocation highlights the trend of tenants seeking premium office space in the post-pandemic era. Venable has grown significantly since entering the Chicago market in late 2020 and is now a key player in construction law and litigation. The downtown Chicago office vacancy rate stands at around 26%, but premium buildings with city views remain in high demand, with a vacancy rate under 5%.

    Union Investment, the owner of the Wacker Drive tower, will also lose another tenant when Dallas-based Locke Lord exits its nearly 90,000 square feet for a move to Onni Group's 225 West Randolph Street. The building is currently over 90% leased, not accounting for the pending departures. Tishman Speyer, the owner of 227 West Monroe Street, will need to fill around 100,000 square feet after Venable and FTI Consulting relocate.