Investment firm Wellington Management said Thursday it plans to move its Chicago office from the Loop to Fulton Market as it expands operations here.
Wellington signed a long-term lease for 24,000 square feet at 345 N. Morgan St., an office building expected to open next month, said the property’s developer, Sterling Bay. A Wellington spokeswoman said the move will occur in the second quarter of 2023.
The building, named for its address, is a 200,000-square-foot boutique office and retail development. It’s part of the continued construction boom in Fulton Market, Chicago’s busiest area for residential and office development.
Wellington, which manages investments for institutional clients and wealthy families, will vacate the 6,000 square feet it occupies in the Loop, at 222 W. Adams St.
In a statement provided by Sterling Bay, Wellington’s chief financial officer, Ed Steinborn, said the firm is expanding its North American footprint “while evolving our diverse workforce in a city with talented investment professionals.”
He said Wellington sees the Fulton Market location as a place to create “a collaborative employee and client-centric environment.” A Wellington spokeswoman said the firm has 35 employees in Chicago and plans to increase that to 100 in the next two to four years.
The new building, designed by Eckenhoff Saunders Architects, includes private outdoor terraces, a roof deck with sweeping views, a bar for tenants and a coworking library, among other features.
Wellington reports that it manages more than $1 trillion in assets and has more than 2,400 clients.