Daley got both his undergraduate and law degrees at DePaul.
"My father, of course, attended here. My brother Mike did, as well as myself and my daughter. So it's a very special feeling," Mayor Daley said.
The Daley Center and Plaza, a city college and other buildings are named for the mayor's father, former Mayor Richard J. Daley.
On Tuesday DePaul renamed the 97-year-old Lytton Building the Richard M. and Maggie C. Daley Building. The city's first couple was joined at the re-naming ceremony by the mayor's three brothers; their son, Patrick, and their daughter, Nora.
"I am filled with gratitude for this very special honor," Maggie Daley said.
The dedication took place just five days before Daley is to surpass his father, who died in 1976, as the city's longest-serving mayor. Mayor Daley will not run for another term.
"The only reason why I passed his longevity is because he died in office. Otherwise, he would be the longest-serving mayor," Mayor Daley said.
DePaul University's president, the Rev. Dennis Holtschneider, said the university is honored to be the first to name a building for Mayor Richard M. Daley.
"This is going to be the mayor that made Chicago a world city. Before that, it had always been one of the great American cities. But he's the mayor in the history of the city that put it on the world stage," Holtschneider said.