Chicago’s New Office Tower at 725 W. RandolphAt the Loop-edge gateway to Fulton Market, Related Midwest is advancing a major office-tower proposal at 725 W. Randolph. The project has shifted from an earlier mixed-use concept to a dedicated office building. This push comes as investors track strong office demand in major commercial markets, even as pricing and development timelines remain selective.Current descriptions place it at 41 stories and 665 feet tall, making it a prominent West Loop addition. Kohn Pedersen Fox is identified as architect for the proposal. The revised plan also includes a two-story Equinox club as part of the building’s amenity mix.Site and Urban RoleThe site spans nearly a full block bounded by Randolph Street, Halsted Street, Washington Boulevard, and the Kennedy Expressway. Its position gives the tower unusual transport connectivity at a key entry point between the Loop and Fulton Market.Plans also reference public open space at ground level, creating room for public art and pedestrian activity. The latest plan centers on about 931,000 square feet of office space, plus supporting commercial uses.What Related Midwest Plans in Fulton MarketAcross Fulton Market, Related Midwest is advancing a more aggressive development strategy anchored by a 41-story office tower at 725 W. Randolph St.The revised plan replaces an earlier apartment-and-hotel concept with roughly 1 million square feet. It includes 931,000 square feet of offices, a 17,000-square-foot restaurant, a two-story Equinox Fitness Club and Spa, and 11,500 square feet of public open space. The push comes as other cities are seeing renewed confidence in premium office assets, with Dallas' Uptown submarket drawing investment through strong demand and rent growth.Residential ExpansionThe office proposal sits beside Related Midwest’s broader residential expansion in the district.Its 43-story The Row Fulton Market at 164 N. Peoria St. is planned with 300 apartments, luxury finishes, coworking areas, family-oriented amenities, and six penthouses.The project also carries an affordable housing component.Under the 80/20 structure, 60 units are set aside as affordable. This links upscale growth with mandated affordability in Fulton Market.How Sidley Austin Anchors the Chicago Office TowerSidley Austin anchors Related Midwest’s planned 45-story office tower at 725 W. Randolph Street in Fulton Market.The law firm is expected to take more than half of the building, making it the dominant occupant in a project reported at roughly 968,000 to 1 million square feet.Lease Scale and Relocation ImpactIts commitment marks one of Chicago’s largest recent office lease moves tied to a new tower.It also gives the development unusual weight before completion.Sidley’s relocation would shift its Chicago base from One South Dearborn in the Loop to Fulton Market.The move is expected in late 2030.Anchor tenant for the planned towerMore than half the office space committedCurrent headquarters at One South DearbornLargest tenant in the projectWhen Financing and Construction Could BeginRelated Midwest expects to close financing for the 45-story, roughly 1 million-square-foot office tower at 725 W. Randolph and then start construction next year, according to president Curt Bailey.That financing timeline remains the critical gate. At the time of the report, the financing close was still pending, and no exact groundbreaking date had been provided.Construction Sequencing RiskThe reported construction sequencing places all major site activity after the capital package is completed. For a project of this scale, that package would likely include construction loans, preferred equity, and sponsor equity, though no amount was disclosed.Comparable Chicago office developments have followed the same pattern. They secured financing first, then moved into demolition, site work, or vertical construction.With Sidley Austin's expected move in late 2030, the schedule suggests a multi-year buildout ahead.
Why This Tower Matters for Chicago’s Office ComebackThe significance of this project extends beyond its construction timetable. It points to how Chicago may revive major downtown office assets through preservation, reinvestment, and mixed-use conversion.Preliminary landmark status at 30 N. LaSalle positions the tower as a test of landmark incentives and economic survival in the Loop. Rather than replacement, the plan advances adaptive reuse through office upgrades and 349 apartments, reflecting weaker demand for some workspace.Class L relief could deliver about $47 million in property tax reductions. The project already holds $57 million in tax-increment financing support.Mixed-use conversion may preserve a major financial-district structure. Success could encourage similar reinvestment across underused Loop towers.Its visibility gives Chicago a high-profile case for selective repositioning. If it advances, the project may counter permanent-decline narratives surrounding downtown offices.AssessmentIf launched, 725 W. Randolph would mark Chicago’s first new office tower to begin in years. It would signal a rare break in a stalled development cycle.With Sidley Austin positioned as the anchor tenant, Related Midwest appears closer to overcoming the financing barriers. Those barriers have frozen other proposals.The project’s progress will be watched as a high-stakes test. It will show whether Fulton Market can still attract major office investment despite persistent pressure across the downtown market.
