Perkins&Will, Chicago Fire Football Club Among Tenants in 100,000+ SF of Leasing Activity at Chicago's Wrigley Building

CHICAGO — Mansueto Office Inc. has recorded more than 100,000 square feet of new and renewed leasing activity at The Wrigley Building, the landmark two-tower office complex at 400–410 N. Michigan Avenue, with global design firm Perkins&Will and Chicago Fire Football Club among the tenants committing to long-term occupancy at the property, Stream Realty Partners announced Sept. 28.

Lease Details: Perkins&Will, Oil-Dri, and Chicago Fire Football Club

Perkins&Will has renewed its approximately 47,700-square-foot lease at the building through 2038. Holly Duran and Jeff Mulder of Colliers represented Perkins&Will in the transaction. Stream Realty Partners Vice Presidents Erica Marshall and Katie Hull represent Mansueto Office Inc. in leasing at the property.

Oil-Dri Corporation of America signed a new 15-year lease for approximately 19,500 square feet in newly designed space within the building. Oil-Dri has maintained a presence at the Wrigley Building since 1993 and chose to remain at the property, relocating into a modernized workplace rather than seeking space elsewhere. Nicole Becker, Bess Cooney, and Sarah Silva of JLL represented Oil-Dri.

Chicago Fire Football Club signed a long-term lease for 30,000 square feet. Health Wave Partners, a newly launched Chicago-based platform led by former Ventas executive John Cobb, also selected the building for its Chicago headquarters. Jon Milonas and Kyle Kamin of CBRE represented Health Wave Partners. The individually disclosed commitments total approximately 97,200 square feet; Stream describes the broader activity as exceeding 100,000 square feet.

Ownership Investment at the Wrigley Building

Mansueto Office Inc. is funding a multimillion-dollar elevator modernization program at the property and has planned additional enhancements to the tenant amenity experience. Existing amenities include complimentary water taxi service and curated tenant programming. The building also offers move-in-ready, furnished suites designed to reduce tenant build-out time and upfront costs.

The Wrigley Building comprises two connected towers — a South Tower completed in 1921 and a North Tower completed in 1924 — totaling approximately 472,639 square feet. The property is listed on the National Register of Historic Places and underwent a major redevelopment between 2012 and 2014. The complex sits at the intersection of Michigan Avenue and the Chicago River, at the southern edge of the Magnificent Mile.

"The decision by these organizations to make long-term commitments to The Wrigley Building speaks volumes," said Ari Glass of Mansueto Office. "Tenants are choosing an irreplaceable asset that combines iconic architecture, significant ownership investment, and an exceptional workplace experience in the heart of Chicago."

Market Context: Chicago Office Leasing in 2026

The leasing activity comes as Chicago's central business district office market carries direct vacancy of approximately 24.4%, even as absorption has begun to improve. The second quarter of 2026 produced more than 500,000 square feet of direct net absorption — the first positive direct quarter since 2023 — reflecting a market in which demand is recovering but vacancy remains elevated.

In that environment, landlords at well-located properties have pursued longer lease commitments and capital investment to distinguish their buildings. Perkins&Will's renewal through 2038 and Oil-Dri's 15-year term represent unusually long-duration income for a market where tenants have frequently sought flexibility and landlords have faced rollover risk. Oil-Dri's decision to remain at the Wrigley Building after more than three decades, while moving into newly built-out space, illustrates a landlord strategy of retaining established occupants through modernization rather than allowing them to test competing properties.

"The Magnificent Mile offers what many office districts aspire to create: an authentic, 24/7 neighborhood," said Erica Marshall of Stream Realty Partners. "From premier hotels and award-winning restaurants to the Riverwalk and some of Chicago's most iconic destinations, employees can step out of the office and immediately connect with the best of the city. For companies focused on talent attraction, collaboration, and client engagement, that experience is a meaningful differentiator."

About the Firms

Stream Realty Partners is a national commercial real estate firm headquartered in Dallas with operations in markets across the country. The firm offers leasing, investment, development, property management, capital markets, and related services, and reports annual transaction volume exceeding $11.5 billion. Colliers is a global commercial real estate services firm. Mansueto Office Inc. is the owner of The Wrigley Building.

Sources: Stream Realty Partners