Riverside Investment and Development Leads $241M Office-to-Residential Conversion at 135 South LaSalle in Chicago Loop
CHICAGO — Riverside Investment and Development, together with partners AmTrust RE and DL3 Realty, announced plans for a $241 million office-to-residential conversion of the historic Field Building at 135 South LaSalle Street in the Chicago Loop.
Historic Office Tower to Undergo Redevelopment
The 44-story Art Deco skyscraper, originally developed by the Marshall Field Estate in 1934, most recently served as the Midwest headquarters of Bank of America. The bank relocated to a new office tower along Wacker Drive in 2022, leaving the property largely vacant. The redevelopment aims to restore activity to the landmark structure through a mix of residential and retail uses.
Project Scope
According to Riverside Investment and Development, the first phase of construction will include 386 residential units and approximately 92,000 square feet of retail space. Planned retail tenants include an all-day café, a large-format gym, and a boutique grocer. Construction is expected to begin in spring 2026.
Preserving Historic Features
The development team noted that the building’s designation on the National Register of Historic Places and as a City of Chicago Landmark requires preservation of key architectural elements. These include the original internal office corridors, the Grand Arcade, and below-window radiators. A historically sympathetic replacement of the original windows is also planned.
Project Vision
Riverside representatives Mike Potter and Stefani Kalter said the project seeks to balance the building’s historic character with contemporary residential and retail needs. The conversion is part of ongoing efforts to adaptively reuse legacy office properties in the Loop.