Morningstar may be trading in its current Loop digs for a front‑row seat to Google’s big downtown makeover, entering talks to lease a major chunk of the James R. Thompson Center in the heart of Chicago. The potential deal, still in negotiation with no lease signed, would keep the investment‑research heavyweight planted in the central business district while giving it a high‑profile new address.
The firm is in discussions to take nearly 300,000 square feet on the upper floors of the 17‑story Thompson Center at 100 W. Randolph St., a move that would put it directly above Google as the tech giant finishes its overhaul of the iconic postmodern building. The deal is not done, and talks could still collapse, but if it comes together, it would rank among the larger downtown office leases inked in recent years, according to CoStar.
Where Morningstar Sits Now
Morningstar currently occupies about 263,000 square feet at Block 37 in the Loop, with a lease that runs through 2029. That timing conveniently lines up with the expected completion of the Thompson Center transformation, giving the company a clear runway to shift its headquarters once the building is ready, The Real Deal reports.
CBRE is handling both sides of the potential move, with one team marketing the Thompson Center and another representing Morningstar in its search. The dual role adds a layer of complexity to the negotiations, even as both sides work to keep a marquee tenant downtown, per The Real Deal.
Google’s Overhaul And The Building’s Future
Google’s renovation has already stripped off the Thompson Center’s aging exterior and replaced it with a new glass skin, while promising to keep the dramatic 17‑story atrium that has defined the building since the 1980s. Plans also call for more ground‑floor retail, expanded public space, and infrastructure upgrades that include improvements to the Clark/Lake CTA entrance, tightening the building’s already strong transit connection, according to WTTW.
The result is expected to be a hybrid of tech campus and civic hub, with Google occupying much of the property while outside tenants fill out the remaining floors. A player the size of Morningstar moving in upstairs would instantly give the building additional corporate heft.
Why It Matters For The Loop
Landing, and crucially keeping, a homegrown firm like Morningstar in the central Loop would be a significant morale boost for downtown Chicago. In recent years, glitzy new towers along the river and in Fulton Market have lured a parade of big tenants west, leaving some older Loop properties scrambling to stay relevant.
A lease of this size at the Thompson Center would not only help Google offset its redevelopment costs, it could also send a broader signal that established employers are still willing to bet on the traditional core of the city. Brokers and industry observers say a signed Morningstar deal could nudge other companies off the fence and spur fresh leasing activity nearby, according to CoStar.
Deal Status And Next Steps
Crain’s Chicago Business first reported that Morningstar and Google’s landlords are in active talks, but sources caution that the deal is far from guaranteed. Key terms are still being hammered out, and both sides could ultimately decide to walk away.
For now, both Morningstar and Google are keeping details close to the vest while CBRE’s teams continue negotiations, according to Crain’s Chicago Business. Until ink hits paper, the Thompson Center’s next big tenant remains a very promising, very high‑profile “maybe.”
