Exclusive: Morningstar will join Google at Chicago's Thompson Center
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Morningstar headquarters on Washington Street. Photo: Christopher Dilts/Bloomberg via Getty Images
Chicago-based financial services firm Morningstar is moving its global headquarters to the redeveloped Thompson Center, Axios has learned.
Why it matters: The move keeps one of Chicago's largest homegrown companies — and more than 1,500 employees — in the Loop while giving the Thompson Center redevelopment another major corporate anchor, in addition to Google.
The latest: Morningstar plans to occupy more than 275,000 square feet in the former state government building, with the move expected in late 2028.
- The company currently has its headquarters at 22 W. Washington St., across from the Daley Center.
- It employs roughly 11,000 people worldwide.
What they're saying: "As long-term investors, we believe in backing people and communities with enduring potential," Morningstar CEO Kunal Kapoor said. "Our new headquarters and community commitment reflect our confidence in Chicago, our people, and the opportunities ahead."
Zoom in: Morningstar is pairing the move with a new $5 million, five-year "Commitment to Chicago" beginning in 2027.
- $1 million will go to the Commercial Club Foundation to support a multi-year economic growth plan.
- $4 million will fund grants to Chicago nonprofits focused on helping Chicagoans build pathways into financial services, technology and related careers.
Context: Morningstar was founded in Chicago by businessman and philanthropist Joe Mansueto in 1984 with an initial investment of $80,000.
- The company went public in 2005, and Mansueto stepped down as CEO in 2017.
Zoom out: Mansueto has remained a major investor in Chicago. He owns the Chicago Fire, which is building a new South Loop stadium, and purchased the Wrigley Building in 2018.
- The University of Chicago's Mansueto Library is named for Mansueto and his wife, Rika, following their $25 million gift to the university.
Flashback: Google announced plans in 2022 to buy the Thompson Center for $105 million as part of its expansion in Chicago.
- They recently unveiled new renderings of the Thompson Center's interior, showcasing a design meant to entice downtown workers to meet, work and linger in the building's massive atrium.
- "Morningstar's decision to relocate its global headquarters to the
Thompson Center reaffirms its longstanding commitment to our city and its continued confidence in our central business district and the future of the LaSalle Street corridor," Mayor Brandon Johnson said in a release.
The bottom line: More than four decades after its founding here, Morningstar is making another long-term bet on downtown Chicago.