Chicago’s Historic Rector Building Delivers 117 Apartments in Office Conversion

• R2 Cos. and Lagfin completed the conversion of 79 W. Monroe in Chicago’s Loop.
• The project transformed seven floors of vacant office space into 117 apartments, including 76 market-rate and 41 affordable units.
• The 14-story historic building, originally known as the Rector Building, dates to 1905.
• The conversion is the first completed project under Chicago’s LaSalle Street Reimagined initiative.

Historic Chicago Office Building Reopens as Housing

R2 Cos. and Lagfin have completed the office-to-residential conversion of 79 W. Monroe, bringing new housing to a historic commercial property in downtown Chicago. The project repurposes seven upper floors of vacant office space into 117 apartments, adding both market-rate and affordable housing to the Loop. The conversion highlights how Chicago is working to reposition underused office buildings as residential assets. The project’s historic character, location and mixed-income unit mix make it a notable milestone in the city’s downtown revitalization strategy.

R2 Cos. and Lagfin Deliver 117 Apartments

The renovated building offers a mix of studio, one-bedroom and two-bedroom apartments. Of the 117 units, 76 are market-rate and 41 are affordable. Rooftop amenities include an indoor tenant lounge, fitness center and outdoor spaces, providing residents with shared areas in the heart of the Loop. R2 Cos. and Lagfin, the building’s owner, led the project. Ware Malcomb provided architecture and interior design services, while Leopardo Cos. and GMA Construction Group served as general contractors.

LaSalle Street Reimagined Marks a Milestone

The project is the first completed under Chicago’s LaSalle Street Reimagined initiative, which aims to encourage new uses for downtown commercial properties. The building was constructed in 1905 and historically known as the Rector Building. It is the oldest surviving commercial structure designed by Chicago architect Jarvis Hunt, making the conversion a preservation milestone as well as a residential redevelopment.

Office Conversions Offer a Path for Downtown Revitalization

For investors and landlords, 79 W. Monroe demonstrates how vacant office floors can be repositioned to create residential value while preserving historic structures. The addition of affordable units also supports a broader mix of residents in Chicago’s central business district. As office utilization and downtown demand continue to evolve, adaptive reuse projects like this one could become an increasingly important part of Chicago’s real estate strategy.