CHICAGO | Post Office Redevelopment

[Mr Downtown]

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.

[harryc]

Chicago | Main Post Office by Harry Carmichael, on Flickr

Chicago | Main Post Office by Harry Carmichael, on Flickr

[rivernorthlurker]

Originally Posted by harryc

Chicago | Main Post Office by Harry Carmichael, on Flickr

Chicago | Main Post Office by Harry Carmichael, on Flickr

Wow I'm in love! Gorgeous. And the logo (http://www.post433.com/) they're going with too.

[Kenmore]

gotta love it^

[BonoboZill4]

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.

[LouisVanDerWright]

Originally Posted by Kenmore

gotta love it^

Thought you hated "trickle down service jobs in the core"?

[chicubs111]

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.

[Handro]

Uber confirms huge Old Main Post Office lease

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

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.

[the urban politician]

^ 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.

[Khantilever]

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.

[MayorOfChicago]

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.

[nomarandlee]

Originally Posted by MayorOfChicago

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.

A-freaking-men. It would seem with the new BMO building, OPO, and Union Station upgrades there would certainly be enough potential foot traffic to warrant it.

[k1052]

Originally Posted by MayorOfChicago

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.

IIRC, this had been discussed as a possibility. I'm not sure where, if anywhere, the city and landlord are on it.

[AlpacaObsessor]

Originally Posted by Khantilever

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.

If you check out The Telos Group's website they have a rendering with one of those vertical 'monument signs' facing the river. Oddly enough none of the other renderings showing that riverfront park includes it, so it might still be a work in progress.

[bnk]

Is it possible that this thing could be fully filled within a year of ending final construction?

If so wow what a winner investment this was.

How much space is left btw, still over a million sq feet I suspect.

[SamInTheLoop]

^ What's crazy is that this was the most vexxing adaptive re-use 'problem' in Chicago for such a long time......industry insiders had virtually thrown their hands up. I remember when there was some sort of 'call for concepts' re what to do with the great albatross. One idea floated was actually to turn it into a mausoleum!

And it's in the process of turning into an incredible redevelopment success - as office space. What a success story.

[J_M_Tungsten]

I mean, how can this NOT spur a tremendous amount of development around the post office. Think of all the people that will be there...

[gebs]

Originally Posted by J_M_Tungsten

I mean, how can this NOT spur a tremendous amount of development around the post office. Think of all the people that will be there...

Seriously. House of Bombay just closed on Van Buren unexpectedly and I thought, that sucks. They might have benefitted from the future influx of employees just 1 block southeast.

Between the food options at the Post Office and the future food hall at Union Station, there will definitely be no shortage of lunch options in the area.

[Handro]

Originally Posted by J_M_Tungsten

I mean, how can this NOT spur a tremendous amount of development around the post office. Think of all the people that will be there...

I wonder how long we'll have to wait to lose that holiday inn...

[jl224990]

Originally Posted by bnk

Is it possible that this thing could be fully filled within a year of ending final construction?

If so wow what a winner investment this was.

How much space is left btw, still over a million sq feet I suspect.

Here is the list they have signed so far:

1. Walgreen (6/18/2018) 200000 sf,
2. Ferrara Candy (11/2/2018) 60000 sf
3. Chicago Metropolitan Agency for Planning (1/9/2019) 47000 sf
4. AbelsonTaylor (2/22/2019) 85000 sf
5. Home Chef (4/22/2019) 75000 sf
6. 84.51, 57000 sf
7. Uber (8/19/2019) 463000 sf

That's 987000 sf

Three are still under discussion

• Federal Home Loan Bank of Chicago 125000 sf
• Cisco Systems 130000 sf
• CBOE 175000 sf

The three add up 430000 sf

They have 2.5 million sf for lease. So provided that the above three finalize the lease, that will leave just a bit over 1 million sf remaining. According to news in June, they were well ahead of their schedule in finding tenants, so they had set up a new goal to lease 75% by the end of this year. With several high profile tenants, it's showing good momentum. I think they can easily reach or even surpass the goal.