Oil-Dri Renews Office Lease at Chicago’s Wrigley Building for 20,000 SF
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. Chicago capital flow has been concentrated in industrial along the I-55 and I-80 corridors and in the most select downtown trophy office submarkets. Multifamily transaction volume has moved up in the Near North and West Loop. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 88th Chicago story tracked on the wire in September 2026. All Chicago coverage →
- Disclosed office deal value tracked in September 2026: $13.8B across 65 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
CHICAGO — JLL represented Oil-Dri Corp. of America (NYSE: ODC) in a long-term lease renewal at the Wrigley Building, where the company has been headquartered since 1993. Oil-Dri will now relocate within the building t…
External link. Real Estate Trail does not republish source content.
Related coverage — Chicago · Office
Santander Bank, Washington Capital Provide $113M Debt For Chicago Office Conversion
Commonwealth Development Partners and Triangle Capital Group have secured $113 million to finance the conversion of an empty 25-story office building at 500 North Michigan Avenue into 384 mixed-income rental apartment…
Aquarian Real Estate Partners, 3650 Capital Loan $72M on Chicago-Area Acquisition
Rhino Investments Group has secured $72.3 million in financing to acquire Randhurst Village , a 929,899-square-foot. open-air shopping center outside Chicago, Commercial Observer can first report. Rhino acquired the p…
Brand Street, AEW Buy 410,000 SF Deer Park Town Center in Metro Chicago for $125M
DEER PARK, ILL. — Brand Street Properties and AEW Capital Management have acquired Deer Park Town Center, a 410,000-square-foot, open-air shopping center in Deer Park, about 35 miles northwest of downtown Chicago. The…
Two competing Chicago rent ordinances head for a showdown
The two plans set up a broader clash over renter protections versus housing supply and construction incentives
U.S. hotel results for week ending 19 September
U.S. hotels posted a 10.4% RevPAR gain for the week of 13-19 September 2026, with ADR hitting an all-time record high of $179.30, driven by strong performances in Chicago and Washington, D.C.