Walk down LaSalle Street today and it feels different. It's quieter than the suit-and-tie heyday of the nineties, yet there’s this weird, electric tension in the air. At the heart of that tension sits 115 South LaSalle Street, a massive, limestone-clad giant that basically tells the entire story of Chicago’s post-pandemic struggle and its hopeful, expensive rebirth.
You’ve probably seen the building if you’ve spent any time in the Loop. It’s that soaring, 37-story tower formerly known as the Harris Bank Complex. For decades, it was the definition of "Old Chicago" finance—stable, prestigious, and maybe a little bit stuffy. But things got messy fast when BMO Harris moved out to their shiny new pad at BMO Tower next to Union Station. Suddenly, this massive chunk of real estate was sitting there, mostly empty, looking like a relic of a bygone era.
Honestly, the story of 115 South LaSalle isn't just about office space. It’s about whether a city center can actually survive when the way we work changes forever.
What’s Actually Happening at 115 South LaSalle Street?
If you follow Chicago real estate, you know the name Mike Reschke. He’s the chairman of Prime Group, and he’s basically the guy who decided to bet the farm on the LaSalle Street corridor. Back in 2022, the state of Illinois made a move that surprised a lot of people: they decided to buy 115 South LaSalle Street.
Why? Because the James R. Thompson Center—that trippy, glass-and-steel "Starship Enterprise" building a few blocks north—was a maintenance nightmare. Google bought the Thompson Center, and the State needed somewhere to put its thousands of employees.
So, 115 South LaSalle became the "New Thompson Center."
But it’s not just a government office swap. The deal was incredibly complex. Prime Group and Capri Investment Group bought the building (along with the adjacent 111 W. Monroe St.) for a fraction of what it would have cost to build from scratch. We’re talking about a $120 million purchase for a site that encompasses nearly 1.2 million square feet. That’s a steal in any market, but it comes with a massive "to-do" list.
The state is taking the top floors. The bottom? That’s where things get interesting.
The LaSalle Street Reimagined Plan
The city of Chicago isn't just letting developers do whatever they want. There’s this initiative called "LaSalle Street Reimagined." It’s basically a bribe—I mean, an incentive program—to get developers to turn old, empty office cubicles into apartments.
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At 115 South LaSalle Street, the plan involves more than just desks and swivel chairs. Reschke’s vision includes a mix of:
- High-end residential units (because who doesn't want to live in a bank?)
- Extensive retail on the ground floor to stop the "dead zone" feeling after 5:00 PM.
- State-of-the-art office facilities for the Illinois Department of Central Management Services.
It’s a gamble. A big one.
Why This Building Matters More Than You Think
When people talk about the "death of the office," they usually point to buildings like this. 115 South LaSalle Street represents a specific architectural moment. Designed by Skidmore, Owings & Merrill (SOM) and completed around 1974, it has those classic, clean lines that scream mid-century corporate power.
But power is shifting.
The LaSalle Street corridor has a vacancy rate that would make most landlords lose sleep. We’re talking upwards of 25% to 30% in some stretches. If 115 South LaSalle fails to attract people—whether they are state workers or new residents—the whole South Loop could see a domino effect of decline.
The Google Factor
You can't talk about 115 South LaSalle without mentioning the neighbor. Google’s takeover of the Thompson Center is the "North Star" for this whole neighborhood. If Google brings 2,000+ high-paid techies to the area, they’re going to need places to eat, drink, and potentially live.
115 South LaSalle is positioned to catch that overflow. It’s the pragmatic sibling to Google’s flashy new home. While Google is building the future, 115 South LaSalle is trying to prove that the past can be repurposed without losing its soul.
The Architecture: It’s Not Just a Boring Box
Look closely at the facade. It’s clad in light gray granite and features recessed windows that give it this deep, textured look. It doesn't try to be "cool." It’s just solid.
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Inside, the lobby was originally designed to impress. High ceilings, marble, the works. The renovation plans are focused on softening that corporate edge. They’re adding more natural light and opening up the "canyon" feel of the street level.
One of the coolest parts of the 115 South LaSalle Street project is the integration with 111 West Monroe. They’re basically being treated as a combined campus. This allows for shared amenities like a massive fitness center, rooftop decks (which are practically mandatory in Chicago now), and centralized security.
Challenges Nobody Likes to Talk About
Look, it’s not all sunshine and tax credits. Converting an office building like 115 South LaSalle into residential space is a literal plumbing nightmare.
Office buildings have "wet columns"—essentially centralized spots for bathrooms and breakrooms. Apartments need bathrooms and kitchens every few hundred square feet. Re-piping a 37-story granite tower is incredibly expensive.
Then there’s the light problem.
Deep floor plates mean the middle of the building is dark. Developers have to get creative, sometimes carving out light wells or "atriums" in the center of the structure so that the people living there don't feel like they’re in a basement in the sky. It’s a puzzle that costs millions to solve.
The Financials: A $75 Million Subsidy?
To make the residential portion of the 115 South LaSalle Street project viable, the developers sought Tax Increment Financing (TIF) money. The City of Chicago under former Mayor Lori Lightfoot and current Mayor Brandon Johnson has had to weigh whether to give millions to wealthy developers.
The argument is simple: if the city doesn't help, the building sits empty. An empty building pays no property tax. No property tax means no money for schools or parks.
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So, the city is essentially "investing" in the building to ensure it stays on the tax rolls. It’s a controversial move, but in the current economy, it’s often the only way these massive "adaptive reuse" projects happen.
What This Means for You
If you’re a resident, you might see more construction equipment on LaSalle for the next year or two. If you’re an investor, you’re watching 115 South LaSalle as a bellwether for the entire Midwest real estate market.
If this project succeeds, it proves that the "Loop" can become a 24/7 neighborhood rather than just a 9-to-5 workplace. If it struggles, it might be a sign that Chicago needs to think even bigger—or smaller—to save its downtown.
Honestly, the vibe of the city depends on blocks like this. Nobody wants a downtown that looks like a ghost town from a zombie movie. We want coffee shops that are open on Saturdays and lights in the windows at 10:00 PM.
Actionable Insights for Navigating the New LaSalle
If you're looking to get involved with the area or are just curious about the progress at 115 South LaSalle Street, here is how things are actually moving on the ground:
- Check the Permits: If you’re a real estate nerd, monitor the Chicago Building Permit database. You can see exactly when the internal demolition for the residential units begins. That’s the "point of no return" for the project.
- Watch the State Move: The Illinois Department of Central Management Services (CMS) is the anchor here. Their relocation schedule will dictate the foot traffic in the area. Expect a staggered move-in over the next 12 to 18 months.
- Explore the Pedway: Most people forget that the Chicago Pedway system links many of these buildings. 115 South LaSalle’s connection to the underground network is a huge selling point for state workers who don't want to deal with a Chicago January.
- The Retail Opportunity: Keep an eye on the ground floor. As the building transitions from a private bank to a public-facing government hub and residential tower, the types of businesses opening up will change. We’re moving away from "banking hours" retail and toward "lifestyle" retail.
The transformation of 115 South LaSalle Street isn't just a construction project; it’s a litmus test for Chicago’s resilience. It's a massive, expensive, and complicated bet that the heart of the city can beat again, just in a different rhythm.
Whether you’re a taxpayer, a daily commuter, or someone looking for a new apartment in the clouds, this building is the one to watch. It’s the centerpiece of a new Chicago that is trying to figure itself out in real-time.
Key Takeaways for the LaSalle Corridor
- Government Anchor: The State of Illinois buying the building provides a guaranteed floor for occupancy that most private offices lack.
- Residential Pivot: Turning 400,000 square feet into housing is one of the most ambitious "office-to-home" conversions in the country.
- Economic Impact: Success here likely triggers more investment in the surrounding blocks, specifically near the Board of Trade.
- Modernization: Expect a full tech overhaul. Old bank buildings are notorious for bad Wi-Fi and ancient HVAC; the renovation is stripping all of that out for modern standards.
Stay updated on the project by following the Chicago Department of Planning and Development (DPD) updates regarding the "LaSalle Street Reimagined" grants. The final outcomes of these projects will define the Chicago skyline for the next thirty years.