London-based quant firm Qube Research & Technologies is planting roots in Chicago, locking in a lease for just over 29,000 square feet on the 39th floor of the BMO Tower. The new outpost joins existing U.S. locations in New York and Houston, and it is another sign that top-tier West Loop space is still a dogfight, even while downtown vacancies overall remain stubbornly high.
As reported by The Real Deal, Qube’s lease covers a bit more than 29,000 square feet on the tower’s 39th floor at 320 South Canal Street. The building’s owners, a joint venture of Riverside Investment & Development and Convexity Properties, confirmed the deal and said the tower is now roughly 84 percent leased. The outlet also noted that Chicago will be Qube’s third U.S. office and that the firm has not publicly shared staffing plans for the new location.
Qube’s U.S. Push
Qube traces its origins to a management buyout from Credit Suisse and has grown quickly since, according to industry reporting. Bloomberg reported that the firm spun out in 2018 and has since built a sizable quantitative investment platform. On its own website, Qube Research & Technologies highlights data, research, and technology as its core focus, a profile that helps explain its interest in tech talent hubs such as New York and Chicago.
Why BMO Tower
BMO Tower at 320 South Canal is a 52-story, roughly 1.5 million-square-foot trophy project developed by Riverside Investment & Development and Convexity that opened during the pandemic. The building has attracted blue-chip tenants, including BMO and several major law firms, as reported by The Real Deal, and Qube’s arrival tightens availability on the tower’s upper floors. Owners say the lease meaningfully trims the amount of trophy space left in a market where move-in-ready, amenity-heavy offices are in short supply.
Market Context
Chicago’s downtown vacancy rate is still elevated. Bradford Allen reported direct vacancy in the mid-20 percent range late last year, a pattern that has pushed tenants to chase newer, high-quality, turnkey space. The split is clear, with weaker demand for aging buildings on one side and steady appetite for top-tier product on the other, which is why a roughly 29,000-square-foot lease in a new trophy tower registers as a real win for landlords.
Qube’s Chicago deal may be modest in size, but it is loaded with symbolism, suggesting that well-capitalized, growth-minded investment firms still see value in high-end downtown offices. For now, the firm’s staffing plans and exact move-in timing remain unknown, and neither Qube nor the building’s owners have offered additional public details beyond confirming the lease.
