Key Takeaways
- • Hedge fund Qube Research & Technologies signed a lease for 29,000+ square feet on the 39th floor of BMO Tower (320 South Canal Street) in Chicago, marking the firm's third U.S. office alongside existing New York and Houston locations announced in summer 2025.
- • The BMO Tower lease pushes the 52-story, 1.5 million-square-foot building to 84% occupancy, representing a meaningful win for Chicago's downtown office market amid elevated vacancy rates and sustained remote work pressures.
- • Qube's arrival strengthens the trophy office segment in Chicago's Loop, where premium Class A buildings continue to attract high-quality tenants despite broader office sector headwinds affecting older, commodity-grade properties.
- • BMO Tower's tenant roster now includes marquee names such as Bank of Montreal (anchor tenant), law firms Kilpatrick Townsend & Stockton, Faegre Drinker Biddle & Reath, Chapman & Cutler, and Skadden Arps Slate Meagher & Flom, alongside Qube.
- • The transaction underscores how new market entrants and growing firms are critical to absorbing office space vacated by companies downsizing, a dynamic essential to downtown Chicago's longer-term recovery.
Summary
Qube Research & Technologies, a London-based hedge fund, has leased just over 29,000 square feet on the 39th floor of BMO Tower at 320 South Canal Street in Chicago. The transaction marks Qube's expansion into a third U.S. office location, extending the firm's North American footprint beyond its New York and Houston offices that were announced in summer 2025. The lease represents a strategic positioning move as the hedge fund grows its U.S. operations and capital presence.
BMO Tower, a 52-story, 1.5 million-square-foot building completed during the pandemic, is jointly owned and developed by Riverside Investment & Development and Convexity Properties. With Qube's occupancy, the tower has reached 84% lease occupancy, according to ownership statements confirming the 39th-floor commitment to an unnamed global asset manager. The building anchors a portfolio that includes Bank of Montreal as its primary tenant alongside several high-profile law firms: Kilpatrick Townsend & Stockton, Faegre Drinker Biddle & Reath, Chapman & Cutler, and Skadden Arps Slate Meagher & Flom.
Qube's lease arrival provides a meaningful indicator of resilience in Chicago's premium office market. Downtown Chicago remains challenged by elevated vacancy rates and dampened leasing activity tied to sustained remote work adoption and corporate office contraction. However, trophy-tier buildings in the Loop have demonstrated superior demand stability compared to older, commodity-grade office properties. New market entrants like Qube are increasingly vital to backfilling space shed by downsizing corporations—a dynamic that has constrained the broader downtown recovery. The transaction tightens availability in Chicago's most desirable office segment and signals continued confidence among global financial firms in the city's premier Class A infrastructure.
BMO Tower, a 52-story, 1.5 million-square-foot building completed during the pandemic, is jointly owned and developed by Riverside Investment & Development and Convexity Properties. With Qube's occupancy, the tower has reached 84% lease occupancy, according to ownership statements confirming the 39th-floor commitment to an unnamed global asset manager. The building anchors a portfolio that includes Bank of Montreal as its primary tenant alongside several high-profile law firms: Kilpatrick Townsend & Stockton, Faegre Drinker Biddle & Reath, Chapman & Cutler, and Skadden Arps Slate Meagher & Flom.
Qube's lease arrival provides a meaningful indicator of resilience in Chicago's premium office market. Downtown Chicago remains challenged by elevated vacancy rates and dampened leasing activity tied to sustained remote work adoption and corporate office contraction. However, trophy-tier buildings in the Loop have demonstrated superior demand stability compared to older, commodity-grade office properties. New market entrants like Qube are increasingly vital to backfilling space shed by downsizing corporations—a dynamic that has constrained the broader downtown recovery. The transaction tightens availability in Chicago's most desirable office segment and signals continued confidence among global financial firms in the city's premier Class A infrastructure.
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