Updated at 1:21 PM CDT
The gunman was a recently demoted executive.
Police responded to shots fired at 9:50 a.m. at 231 S. LaSalle, listed as the old Bank of America Trade Operations Building.
They found a 54-year-old victim, identified as ArrowStream CEO Steven LaVoie, injured with a gunshot wound to his stomach and his head and the 59-year-old gunman deceased with a gunshot wound to the head.
According to a profile on arrowstream.com, LaVoie founded the company, which provides supply chain management solutions for the food service industry, in 2000.
The victim is in "grave condition." The victim was taken to Northwestern Memorial Hospital in critical condition.
The gunman was pronounced dead at the scene.
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What we have here is a workplace violence issue," McCarthy told reporters. "
Apparently there's a technological company on the 17th floor. They've been undergoing a downsizing. They've demoted a number of people."
The incident is being investigated as a possible murder-suicide incident, according to police.
Fire crews arriving to the scene initially were warned that a suspect was still on the floor and still armed, according to radio reports.
Police said the scene was contained at about 10:40 a.m. There was only one gunman involved.
Nearby Ann Taylor and Jos. A. Bank stores locked their doors after reports of the shooting.
Jessica Cazares, who works at nearby Caffe Baci, said she witnessed a chaotic scene outside the building.
"There were people running, afraid," she said, "but we thought it was a movie filming. This time it was a real situation."
Tiffany Baggett, a woman who works in the building, said an alarm went off in the building and everyone was told to stay on their floor of the building. Employees moved to a safer area, she said, away from the glass doors.
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I was just informed as an employee there was a shooting, so we just evacuated our reception area as quickly as possible," Baggett said.
Pedestrians were being held across the street as detectives and police entered the building.
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