Morningstar signed three office leases totaling more than 350K SF in Chicago, London and Frankfurt in the third quarter, with combined future leasing obligations of $178M, according to its quarterly earnings filing released Wednesday. The largest, covering more than 275K SF at the Thompson Center in downtown Chicago, has an initial term of about 17 years; the company expects to take possession in the second quarter of 2027 and move its headquarters there in late 2028. The 75K SF London lease carries a 12-year initial term, and the roughly 29K SF Frankfurt lease runs 10 years. These terms are significantly longer than the average U.S. office lease of about seven years in 2026, according to Compstak. The Chicago deal is the largest office lease in the city so far this year.
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