Morningstar to Occupy 275,000 Square Feet at Google's Thompson Center in Chicago

The investment-research firm will co-anchor the 1.2 million-square-foot Loop property when it moves its global headquarters there in late 2028.

By the Family Office Real Estate Daily Desk·Thursday, October 8, 2026·1 min read

Editorial summary of reporting byREBusinessOnline Our editorial standards →

The answer · checked against REBusinessOnline

Where is Morningstar moving its global headquarters and how much space is it taking?

Morningstar Inc. will relocate its global headquarters to Google's Thompson Center at 171 N. LaSalle St. in Chicago's Loop, occupying more than 275,000 square feet of the 1.2 million-square-foot building. The move, planned for late 2028, marks Chicago's largest downtown office transaction in 2026 to date, according to Morningstar. Morningstar currently employs over 1,500 people in Chicago.

Key facts

Morningstar Inc. will occupy more than 275,000 square feet at the Thompson Center at 171 N. LaSalle St. in Chicago's Loop, according to Morningstar.
Morningstar's lease at the Thompson Center is Chicago's largest downtown office transaction in 2026 to date, according to Morningstar.
Morningstar plans to move its global headquarters to the Thompson Center in late 2028.
Google announced plans to acquire the 1.2 million-square-foot Thompson Center in 2022 and recently shared new design renderings for the renovation.
The Thompson Center was designed by famed Chicago architect Helmut Jahn and opened in 1985 as the State of Illinois Center.
Alongside its headquarters move, Morningstar plans to donate $5 million over the next five years.

Morningstar to Occupy 275,000 Square Feet at Google's Thompson Center in Chicago — Image: editorial illustration · Story sourced from REBusinessOnline

Morningstar Inc. will relocate its global headquarters to the Thompson Center in Chicago's Loop, occupying more than 275,000 square feet in a co-anchor arrangement with building owner Google. The investment-research firm plans to move to the property in late 2028.

The lease represents Chicago's largest downtown office transaction in 2026 to date, according to Morningstar. The company has been headquartered in Chicago since its founding over 40 years ago and currently employs more than 1,500 people in the city.

Located at 171 N. LaSalle St., the Thompson Center is one of Chicago's highest-profile revitalization projects. Google announced plans to acquire the 1.2 million-square-foot property in 2022 and recently shared new design renderings for the renovation.

The all-electric building will feature direct access to public transit, large floor plates, and a 17-story atrium with food-and-beverage and retail offerings. Onsite employee amenities are also planned.

Famed Chicago architect Helmut Jahn designed the Thompson Center, which opened in 1985 as the State of Illinois Center. The property was later renamed to honor Illinois Gov. James R. Thompson.

Alongside the headquarters move, Morningstar plans to donate $5 million over the next five years.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

This transaction demonstrates demand for repositioned trophy office assets in core urban submarkets where public transit access and brand-name anchors can command rent premiums. Family offices pursuing ground-up or heavy-value-add office plays should underwrite similar transit adjacency and tenant amenity programs, particularly in gateway cities where hybrid work has reset tenant expectations.

Google's ownership and co-occupancy creates a stability profile unusual for speculative office conversions. The tech anchor reduces lease-up risk and signals long-term capital commitment to the asset. For family offices considering office platform investments, targeting buildings with owner-occupier anchors or institutional co-investors can lower refinancing risk and improve exit multiples.

The four-year pre-delivery timeline to late 2028 implies that Morningstar negotiated lease terms before construction completion, likely securing favorable tenant improvement allowances and base rent. Family offices backing office developers should model lease-up velocity against renovation timelines and reserve capital for TI concessions in markets where pre-leasing is required for construction financing.

Questions this story answers

01How much space is Morningstar taking at the Thompson Center in Chicago?

Morningstar will occupy more than 275,000 square feet at the Thompson Center, located at 171 N. LaSalle St. in Chicago's Loop. Morningstar will co-anchor the 1.2 million-square-foot building alongside owner Google. The company plans to move there in late 2028.

02What is the significance of the Morningstar lease at the Thompson Center?

According to Morningstar, the lease marks Chicago's largest downtown office transaction in 2026 to date. Morningstar has been headquartered in Chicago since its founding over 40 years ago and currently employs over 1,500 people in the city.

03What are the key features of Google's renovated Thompson Center?

The renovated Thompson Center will be an all-electric building featuring direct access to public transit, large floor plates, a 17-story atrium with food-and-beverage and retail offerings, and onsite employee amenities, according to the source. Google recently shared new design renderings for the renovation.

04When did Google acquire the Thompson Center and what is the building's history?

Google announced plans to acquire the 1.2 million-square-foot Thompson Center in 2022. The building was designed by Chicago architect Helmut Jahn and opened in 1985 as the State of Illinois Center before being renamed to honor Illinois Gov. James R. Thompson.

05Is Morningstar making any philanthropic commitments alongside its headquarters move?

Alongside its headquarters move to the Thompson Center, Morningstar plans to donate $5 million over the next five years, according to the source.

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