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  #1281  
Old Posted Aug 2, 2019, 2:29 PM
RedCorsair87 RedCorsair87 is offline
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It's amazing how quickly this is leasing up for a 2.5mil ft2 building. The updated estimated cost for rehabbing the OPO is up to $900 MILLION! I'm really glad this masterpiece is getting a new life and businesses are flocking to it, but for that price, someone could build a 1000ft+ office tower in the West Loop near Union Station. I know people have been saying that Chicago will never see a supertall office tower again, but the HQ relocations and Chicago's western shifting CBD might say otherwise in the future.

Thoughts?
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  #1282  
Old Posted Aug 2, 2019, 2:34 PM
Baronvonellis Baronvonellis is offline
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Wow, this is going to be another whole Merchandise Mart on the river full of workers when it opens! It's really going to energize this section of the southwest loop! The area south of it reminds me of the west loop in 2006 with sleepy low slung industrial buildings and surface lots. Maybe it will start a boom in that area soon. It looks amazing, I would love to work here.

Sorry if someone answered before, but is the roof garden going to be open to the public?
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  #1283  
Old Posted Aug 2, 2019, 2:36 PM
Chisouthside Chisouthside is offline
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Quote:
Originally Posted by RedCorsair87 View Post
It's amazing how quickly this is leasing up for a 2.5mil ft2 building. The updated estimated cost for rehabbing the OPO is up to $900 MILLION! I'm really glad this masterpiece is getting a new life and businesses are flocking to it, but for that price, someone could build a 1000ft+ office tower in the West Loop near Union Station. I know people have been saying that Chicago will never see a supertall office tower again, but the HQ relocations and Chicago's western shifting CBD might say otherwise in the future.

Thoughts?
I think it depends on how fast the west loop fills up and whether the city will expand zoning for office buildings beyond the west loop. If commercial building is restricted to the current areas I can see a boom of supertalls in the next cycle or two.
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  #1284  
Old Posted Aug 2, 2019, 3:02 PM
Baronvonellis Baronvonellis is offline
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Quote:
Originally Posted by RedCorsair87 View Post
It's amazing how quickly this is leasing up for a 2.5mil ft2 building. The updated estimated cost for rehabbing the OPO is up to $900 MILLION! I'm really glad this masterpiece is getting a new life and businesses are flocking to it, but for that price, someone could build a 1000ft+ office tower in the West Loop near Union Station. I know people have been saying that Chicago will never see a supertall office tower again, but the HQ relocations and Chicago's western shifting CBD might say otherwise in the future.

Thoughts?
The Post Office is already a block away from Union Station, it couldn't be more closer unless it was on top of it.
I think the initial idea was that it was going to cost $600 million for the renovation. Where did they say it's $900 million now? I think this is still alot cheaper than building a new construction supertall office building of that size. After this fills up, I think there would be alot more construction in the area a few years later if the economy is still doing ok.
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  #1285  
Old Posted Aug 2, 2019, 3:06 PM
RedCorsair87 RedCorsair87 is offline
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  #1286  
Old Posted Aug 2, 2019, 3:16 PM
k1052 k1052 is offline
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Quote:
Originally Posted by RedCorsair87 View Post
It's amazing how quickly this is leasing up for a 2.5mil ft2 building. The updated estimated cost for rehabbing the OPO is up to $900 MILLION! I'm really glad this masterpiece is getting a new life and businesses are flocking to it, but for that price, someone could build a 1000ft+ office tower in the West Loop near Union Station. I know people have been saying that Chicago will never see a supertall office tower again, but the HQ relocations and Chicago's western shifting CBD might say otherwise in the future.

Thoughts?
There is still quite a bit of room in the west loop between the Kennedy and the river for 50ish floor office towers with 1M-1.5M square feet plus. I sincerely doubt new office supertalls are going to be realistic anytime soon.
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  #1287  
Old Posted Aug 2, 2019, 3:33 PM
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Originally Posted by k1052 View Post
There is still quite a bit of room in the west loop between the Kennedy and the river for 50ish floor office towers with 1M-1.5M square feet plus. I sincerely doubt new office supertalls are going to be realistic anytime soon.
They never will be. This isn't Manhattan, we don't have the land constraints to justify office supertalls on purely financial grounds; they're too inefficient. We have 4 office supertalls in Chicago. At least two of those supertalls were built as corporate vanity projects (for Sears and Standard Oil). All four were built in a different era when budgets allowed far more lavish buildings and tenants were willing to pay a premium to be in one of the tallest buildings.

Today, tenants are paying a premium to be in Fulton Market; they couldn't care less how tall their building is, so developers put up midrises that are super efficient and relatively inexpensive to build. There's also a steady stream of new buildings along Wacker and the South Branch for successful, more conservative companies (law firms, banks, etc) - these are taller because the land is more expensive, but still top out in the 700-800' sweet spot.
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  #1288  
Old Posted Aug 2, 2019, 4:17 PM
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If we did get another only office supertall, it would be one via technicality with a spire like the last two
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  #1289  
Old Posted Aug 2, 2019, 4:59 PM
k1052 k1052 is offline
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Originally Posted by ardecila View Post
They never will be. This isn't Manhattan, we don't have the land constraints to justify office supertalls on purely financial grounds; they're too inefficient. We have 4 office supertalls in Chicago. At least two of those supertalls were built as corporate vanity projects (for Sears and Standard Oil). All four were built in a different era when budgets allowed far more lavish buildings and tenants were willing to pay a premium to be in one of the tallest buildings.

Today, tenants are paying a premium to be in Fulton Market; they couldn't care less how tall their building is, so developers put up midrises that are super efficient and relatively inexpensive to build. There's also a steady stream of new buildings along Wacker and the South Branch for successful, more conservative companies (law firms, banks, etc) - these are taller because the land is more expensive, but still top out in the 700-800' sweet spot.
By "anytime soon" I really mean basically within my likely lifetime. I always hesitate to say never but even in NYC 900-1000 footer office buildings are very much the exception and not the rule. Another era of big corporate vanity towers could come again but I don't see any signs of it right now.

Fulton Market tenants want footage in that neighborhood and want it fast. You are correct that tall doesn't really enter into the calculus. I'm totally fine with a nice midrise office district that gives over to nightlife/hospitality after work and on the weekend with a smattering of for-rent residential.

I am curious to see if the strong leasing at OPO will influence the city to revisit the DS zoning to the south in the near-ish future.
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  #1290  
Old Posted Aug 12, 2019, 2:01 AM
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Mr Downtown Mr Downtown is offline
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Helicopter was lifting waterproofing rolls and Geofoam for the rooftop garden yesterday. I was giving an architecture river tour and I just quit talking as all the passengers on my boat watched the skyhook.

Given that they're lifting from a staging area directly adjacent to the building, I'm puzzled why they don't just use a temporary hand-assembled derrick instead of paying for the big Sikorsky. I mean you could bring up the Geofoam with a couple of helium balloons.
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  #1291  
Old Posted Aug 12, 2019, 2:45 AM
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  #1292  
Old Posted Aug 12, 2019, 7:37 AM
rivernorthlurker rivernorthlurker is offline
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Wow I'm in love! Gorgeous. And the logo (http://www.post433.com/) they're going with too.
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  #1293  
Old Posted Aug 12, 2019, 10:47 AM
Kenmore Kenmore is offline
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gotta love it^
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  #1294  
Old Posted Aug 12, 2019, 4:36 PM
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600W has done a great job with this building. It'll be intriguing to see how they decide to develop all the other lots they own by there.
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  #1295  
Old Posted Aug 12, 2019, 8:19 PM
LouisVanDerWright LouisVanDerWright is offline
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gotta love it^
Thought you hated "trickle down service jobs in the core"?
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  #1296  
Old Posted Aug 19, 2019, 12:38 AM
chicubs111 chicubs111 is offline
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I heard through grapevine...(cant reveal sources but pretty solid) ..that another fairly large lease (around 200k) will be announced to the tenant list in the building in near future...unfortunately it will not be an expansions of square footage but a downsize of a loop office (similiar to what many law firms have done) from what i heard. So not best for overall downtown Chicago office market since its just a shuffle move but its good for OPO.
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  #1297  
Old Posted Aug 19, 2019, 4:04 PM
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Uber confirms huge Old Main Post Office lease

https://www.chicagobusiness.com/comm...t-office-lease

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Uber has signed a 10-year lease for 450,000 square feet of office space in the Old Main Post Office in the West Loop.

As the anchor tenant in the 2.8 million-square-foot building, located at 433 W. Van Buren St., it will become Uber’s second largest office, behind its headquarters in San Francisco.
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  #1298  
Old Posted Aug 19, 2019, 4:18 PM
the urban politician the urban politician is offline
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^ I posted this news at the Chicago Economy Thread as well.

This is fantastic news not only for the OPO, but it bolsters the growing narrative of Chicago being an important center for these huge tech behemoths.
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  #1299  
Old Posted Aug 19, 2019, 4:25 PM
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Does anyone know whether there will be any prominent signage for the anchor tenants?

I think it would be good advertising for the city if there were signs for Uber or Walgreens above the Eisenhower. On the other hand, I wouldn’t want to diminish the beauty of the building itsel. Something clean and simple may do the trick.
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  #1300  
Old Posted Aug 19, 2019, 5:24 PM
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I really wish given the tens of thousands of people working in this building that they would simply tunnel into the mezz level of the CTA blue line at Clinton on the east side of the station and have a walkway go one block directly east into the old post office. Seems so straightforward to me, especially with 290 above this site and not having to deal with going through an existing building.

While they're at it have the same pedway go directly north and tie right into Union Station.
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