Key Takeaways
- • Hall Prangle signed a long-term lease for approximately 29,000 square feet at 10 South Riverside Plaza, relocating from 200 South Wacker Drive to the riverfront property's 12th floor in early 2027.
- • The deal represents a significant leasing win for joint ownership partners Hines and La Caisse following completion of a $75 million capital improvement project across the dual-tower complex (10 and 120 South Riverside).
- • La Caisse, a Canadian pension fund, has recently sustained substantial portfolio losses in Chicago commercial real estate, including a pending sale of 180 North LaSalle Street at approximately 70 percent discount and a late-2025 disposition of 125 South Wacker Drive at similarly steep losses.
- • The modernized space enables Hall Prangle to expand its Chicago attorney roster from 50 to 60 without increasing overall footprint, leveraging hyper-efficient floor plates aligned with contemporary workplace collaboration standards.
- • Prior to Hall Prangle's lease, 10 South Riverside Plaza operated at approximately 82 percent occupancy, bolstered by a recent 60,000-square-foot commitment from Interactive Brokers Group.
Summary
Chicago trial defense firm Hall Prangle has inked a long-term lease for approximately 29,000 square feet at 10 South Riverside Plaza, marking a significant tenant win for the property's joint owners Hines and Canadian pension fund La Caisse. The firm will occupy the 21-story building's 12th floor beginning in early 2027, relocating from its longtime headquarters at 200 South Wacker Drive. The transaction reflects a broader trend of office tenants upgrading to modernized facilities in Chicago's competitive downtown market.
The landlord partnership recently completed a $75 million capital improvement initiative spanning 10 and 120 South Riverside Plaza, betting that enhanced amenities and updated infrastructure would attract high-caliber tenants during a challenging market cycle. Hall Prangle's lease validates that strategy, bringing occupancy to elevated levels at a property that sat at approximately 82 percent leased prior to this deal, complemented by a recent 60,000-square-foot commitment from Interactive Brokers Group.
The lease offers operational benefits to Hall Prangle's business model. According to managing partner Jacob Goldstein, the revamped space features hyper-efficient floor plates that enable the firm to expand its Chicago attorney roster from 50 to 60 without expanding overall square footage. This density improvement aligns with the firm's collaborative culture and contemporaneous workplace standards. Hall Prangle's departure from 200 South Wacker Drive coincides with that property's transition under new ownership launching its own rehabilitation efforts.
The transaction provides a much-needed leasing victory for La Caisse, which has absorbed substantial losses on its Chicago commercial real estate portfolio. The pension fund is currently under contract to sell the 38-story tower at 180 North LaSalle Street to Menashe Properties for approximately $60 million, representing nearly a 70 percent loss on the asset. This disposition follows La Caisse's late-2025 sale of 125 South Wacker Drive to Menashe at similarly steep discounts. Against this backdrop of portfolio pressures, the Hall Prangle lease demonstrates renewed demand for premium office space among institutional-quality tenants seeking modern facilities.
CBRE's Kelsey Scheive and Kelsey Morgan represented the landlords, while Cresa's Michael Marrion and Jake Wright negotiated for the tenant.
The landlord partnership recently completed a $75 million capital improvement initiative spanning 10 and 120 South Riverside Plaza, betting that enhanced amenities and updated infrastructure would attract high-caliber tenants during a challenging market cycle. Hall Prangle's lease validates that strategy, bringing occupancy to elevated levels at a property that sat at approximately 82 percent leased prior to this deal, complemented by a recent 60,000-square-foot commitment from Interactive Brokers Group.
The lease offers operational benefits to Hall Prangle's business model. According to managing partner Jacob Goldstein, the revamped space features hyper-efficient floor plates that enable the firm to expand its Chicago attorney roster from 50 to 60 without expanding overall square footage. This density improvement aligns with the firm's collaborative culture and contemporaneous workplace standards. Hall Prangle's departure from 200 South Wacker Drive coincides with that property's transition under new ownership launching its own rehabilitation efforts.
The transaction provides a much-needed leasing victory for La Caisse, which has absorbed substantial losses on its Chicago commercial real estate portfolio. The pension fund is currently under contract to sell the 38-story tower at 180 North LaSalle Street to Menashe Properties for approximately $60 million, representing nearly a 70 percent loss on the asset. This disposition follows La Caisse's late-2025 sale of 125 South Wacker Drive to Menashe at similarly steep discounts. Against this backdrop of portfolio pressures, the Hall Prangle lease demonstrates renewed demand for premium office space among institutional-quality tenants seeking modern facilities.
CBRE's Kelsey Scheive and Kelsey Morgan represented the landlords, while Cresa's Michael Marrion and Jake Wright negotiated for the tenant.
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