Codal Leased New Chicago Office Space at 200 South Wacker
The firm moved to a larger office at 200 South Wacker Drive as part of a major building renovation project.
Updated on Sept. 24, 2026 in Commercial
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Codal has signed a lease for 24,000 square feet of office space at 200 South Wacker Drive, transitioning from its former 16,000-square-foot location at the Old Post Office. The move supports the firm's growth plans as it looks to increase its current staff of 50 employees.
Why it matters
The relocation follows a $68 million purchase of the tower by Glenstar and Patrick Halloran, who are investing $30 million in upgrades to attract tenants. These renovations aim to revitalize the 761,775-square-foot property after its recent sale price fell 68 percent below 2013 levels.
The move expands Codal's footprint from 16,000 square feet to 24,000 square feet. The office building, which currently has a 57 percent lease rate, is undergoing $30 million in renovations.
The players
Codal
A growing professional firm that recently expanded its Chicago office footprint.
Glenstar
A real estate investment firm that purchased the tower to manage commercial upgrades.
Patrick Halloran
An investor who partnered in the $68 million acquisition of 200 South Wacker Drive.
The details
Codal secured its new space by exercising an early termination option at its previous location. Building owners are executing a comprehensive upgrade plan that includes adding golf simulators and a new outdoor lounge, alongside significant lobby improvements. These changes are intended to modernize the 41-story tower to command higher rental rates and improve occupancy.
Timeline
The building previously sold at a higher price in 2013.
Glenstar and Patrick Halloran purchased the tower in 2025.
Construction on building upgrades is slated for completion at the end of 2026.
Codal plans to more than double its headcount in the first half of 2027.
The Home Front
This move highlights the ongoing trend of flight-to-quality office leasing in downtown Chicago. The substantial reduction in building valuation since 2013 underscores the broader challenges commercial owners face in updating aging office stock to remain competitive.
Residents working in the downtown area may notice increased construction activity at 200 South Wacker Drive through the end of 2026 as the property upgrades proceed. Keep an eye on local development notices if you live or work nearby to stay informed about potential transit or street-level impacts.
The takeaway
The revitalization of high-profile office towers often signals shifts in local business districts and commercial demand. Tracking major renovations in your area can provide insight into which business corridors are attracting new growth and investment.
Further reading
For more on local business expansion, read the latest updates in Chicago Commercial.
Source note: This article includes information reported by The Real Deal New York.
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