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-   -   CHICAGO | Post Office Redevelopment (https://skyscraperpage.com/forum/showthread.php?t=192697)

ardecila Aug 20, 2019 10:14 PM

Quote:

Originally Posted by MayorOfChicago (Post 8662615)
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.

The connection to Union Station is planned. I believe Riverside will construct a short extension of the Pedway through their site to the corner of Clinton/Van Buren, then the government needs to step up for the one block of Pedway from Van Buren to Ida B Wells.

That connection is part of the larger Union Station project, which is currently tied up in the pissing match between Metra and Amtrak.

I don't think there is a connection to OPO planned, there's not really a good way to thread it through the various levels of infrastructure there (Union Station tracks, Canal St Underpass, 290 onramps, etc).

bnk Aug 21, 2019 1:44 AM

Quote:

Originally Posted by jl224990 (Post 8664290)
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.

I thank you much for your efforts in answering the question.

Thumbs up to you.

:tup:

aaron38 Aug 21, 2019 2:17 PM

What does the Clinton St Station under 290 look like today? On Streetview, there's construction/renovation happening, I don't know how old that image is.

Are there planned streetscape improvements for the sidewalks there? It'd be nice if they put some good lighting up around the Clinton station.

Baronvonellis Aug 21, 2019 3:34 PM

A block south, Northern Trust's 3000 employees are leaving the area in January 2020 for 333 S Wabash. Luckily, the Post Office is going to more than make up for that loss in the area.

Those leasing agents must be getting fat bonuses this year!
Wasn't it a few years ago when everyone was laughing that that British guy Sir Richard wanted to redevelop the Post Office?

Tom In Chicago Aug 21, 2019 6:18 PM

Quote:

Originally Posted by aaron38 (Post 8664858)
What does the Clinton St Station under 290 look like today? On Streetview, there's construction/renovation happening, I don't know how old that image is.

Are there planned streetscape improvements for the sidewalks there? It'd be nice if they put some good lighting up around the Clinton station.

It's pretty dismal. . . lots of homeless milling around. . . lost people with luggage looking for the Greyhound station. . . the Clinton subway station itself is old and in need of cleaning as well. . . not sure there's any incentive for the CTA to do so given it's probably not that busy of a station. . . yet. . .

. . .

LouisVanDerWright Aug 21, 2019 6:18 PM

^^^ People were laughing at Bill Davies (RIP) because he was a chump with a reputation for landbanking...

glowrock Aug 21, 2019 8:57 PM

Quote:

Originally Posted by aaron38 (Post 8664858)
What does the Clinton St Station under 290 look like today? On Streetview, there's construction/renovation happening, I don't know how old that image is.

Are there planned streetscape improvements for the sidewalks there? It'd be nice if they put some good lighting up around the Clinton station.

It's hidden enough that I literally didn't even know it was there while driving down Clinton many days to get to my workplace. Only realized it was there when I took the train there a relatively short time ago! :)

Honestly, the lighting and signage is terrible there. Not like I'm speeding down Clinton and don't notice anything around me, so it's a lighting/signage issue for sure.

Aaron (Glowrock)

SamInTheLoop Aug 21, 2019 10:02 PM

Quote:

Originally Posted by LouisVanDerWright (Post 8665183)
^^^ People were laughing at Bill Davies (RIP) because he was a chump with a reputation for landbanking...


Who apparently wasn't really a developer at all. These folks are usually pretty easy to spot, fwiw. I was calling it back then....as were some others.

ardecila Aug 22, 2019 10:31 PM

Quote:

Originally Posted by aaron38 (Post 8664858)
What does the Clinton St Station under 290 look like today? On Streetview, there's construction/renovation happening, I don't know how old that image is.

Are there planned streetscape improvements for the sidewalks there? It'd be nice if they put some good lighting up around the Clinton station.

I've always thought it would make sense for CDOT to relocate Megabus (and any other bus operators) to the space under the Ida B Wells/Congress viaduct, instead of using it for car parking. Similar to the Union Station Bus Terminal in DC, this way each bus provider could set up a little kiosk for ticketing and/or waiting on cold days, even on warmer days passengers could still wait under cover. Plus, it wouldn't be a dedicated building, so as the bus industry evolves they're not locked into a costly permanent building.

Passengers could wait under cover, and would have a direct connection to the Blue Line. If CDOT also extends the pedway from Union Station to the Blue Line stop, bus passengers could also have a direct connection to Metra (ideally this connection would extend to the Greyhound terminal as well).

Unfortunately, despite the almost-billion dollars spent on the Circle Interchange, it appears IDOT is intent on returning the space under the viaduct back to car parking. Right at the hub of the entire region's transit system. Ugh.

MorganChi Sep 4, 2019 4:52 PM

Crain Chicago is reporting that Pepsi co is near a big deal at the old post office . They are racking these companies up . This is turning out good for a building that was thought to be gone.

Skyguy_7 Sep 4, 2019 5:11 PM

^ It is unbelievable! Their leasing team must be loaded with 10/10 blonde bombshells or extremely talented people or both! :cheers:

rivernorthlurker Sep 4, 2019 5:23 PM

Quote:

Originally Posted by MorganChi (Post 8677379)
Crain Chicago is reporting that Pepsi co is near a big deal at the old post office . They are racking these companies up . This is turning out good for a building that was thought to be gone.

article https://www.chicagobusiness.com/comm...-lease-pepsico

Quote:

Purchase, N.Y.-based PepsiCo, whose Quaker Oats, Tropicana and Gatorade brands have long been based in Chicago at 555 W. Monroe St., is nearing an agreement to lease around 200,000 square feet at the Old Post Office, sources said.
Quote:

The soft drink company would be leaving its namesake 17-story building on Monroe Street, where it leases more than 230,000 square feet, according to real estate information company CoStar Group.

Cheap_Shot Sep 4, 2019 6:20 PM

Regarding the PepsiCo move, I have a little in depth knowledge of their reasoning.

Pepsi had quite a long term lease at 555 West Monroe (currently been there since 2002 when the building was built), well below market rent, and until recently, leased the entirety of the building. As the lease came closer to expiring, senior leadership didn't have a cohesive plan about future space needs at the building, or Chicago in general. Numerous layoffs within the building have dramatically cut the need for space and I believe their short term plans are to only occupy half of the building at most, which jives with what Crain's has. (~230K sq ft)

All of the buildings close to Union and Ogilvy have seen their rents increase materially over the past 10 years. Pepsi didn't want to absorb that increase, especially given the business units that operate in Chicago are not performing well financially. My guess is that the OPO offered something slightly (or even well) below market to get Pepsi to jump.

Perhaps the OPO is offering all of these companies something below market rate to get them in the door, knowing that large tenants like this are less likely to move than smaller firms when rates increase in the future? :shrug:

Vlajos Sep 4, 2019 8:09 PM

^ I think the weighted average signed office leases at OPO are a bit over $31 PSF. The according to CoStar, the West Loop submarket has an average of $36+ PSF. So that is likely the case.

Randomguy34 Sep 4, 2019 9:00 PM

601W is probably able to justify offering lower rents, despite being right next to Union Station, since the Old Post Office got over $100 mil in tax breaks. Otherwise, I would expect rents in the building going for a premium

Cheap_Shot Sep 4, 2019 10:05 PM

Quote:

Originally Posted by Vlajos (Post 8677691)
^ I think the weighted average signed office leases at OPO are a bit over $31 PSF. The according to CoStar, the West Loop submarket has an average of $36+ PSF. So that is likely the case.

That's a good piece of info. So the difference when leasing 200,000 sq ft is $1,000,000+/yr. Easily something an exec can claim as "savings" when justifying the move.

Vlajos Sep 4, 2019 10:52 PM

Quote:

Originally Posted by Randomguy34 (Post 8677756)
601W is probably able to justify offering lower rents, despite being right next to Union Station, since the Old Post Office got over $100 mil in tax breaks. Otherwise, I would expect rents in the building going for a premium

Right, millions in Federal historic tax credits.

jl224990 Sep 6, 2019 5:59 PM

Today's news makes mention of WeWork in the pipeline.

https://www.chicagotribune.com/colum...bpa-story.html

SamInTheLoop Sep 6, 2019 9:16 PM

Quote:

Originally Posted by SamInTheLoop (Post 8576875)
Very pleased to hear about this sold leasing momentum, but not surprised.
This is the single most important office project in Chicago - not only at present - but in a long time. And - the transformational potential for the SW Loop area, with the Post Office being the catalyst, is enormous. I wouldn’t be surprised if it’s up to 70% leased by the time it opens to the first tenants later this year. Also, although I don’t have any inside info as such, my guess is that one of the major coworking firms will take a large space - quite possibly the largest coworking space in the city (an entire floor?) here as well. It makes too much sense.


Aging well, with absolutely no inside knowledge of specific non-public deals or non-public prospective deals at the time.

rivernorthlurker Sep 7, 2019 12:41 AM

Quote:

Originally Posted by SamInTheLoop (Post 8679953)
Aging well, with absolutely no inside knowledge of specific non-public deals or non-public prospective deals at the time.

Guess we will start calling you Nostradamus :haha:

Wholly agree though. Height gets the most attention, but in hindsight in conjunction with the BMO tower this could (imho of course) end up being the most significant development story of this cycle. By emphatically extending the commercial frontier from the Loop southwards, it may generate sufficient momentum and a feedback loop that could fuel that area for 10 years plus starting with Riverline and finally make the 78 come to fruition.

Also I believe the building itself and the riverfront revitalization will be stunning and grab a lot of people by surprise alone.

the urban politician Sep 7, 2019 2:01 AM

Not only what you all are saying, but I’m just glad it’s getting a complete reno. We can’t lose structures like this. OPO, Cook County Hospital—major successes.

Now we just need to see the Congress and Uptown Theatre rehabs come to fruition.

LouisVanDerWright Sep 7, 2019 3:58 AM

Quote:

Originally Posted by rivernorthlurker (Post 8680139)
Guess we will start calling you Nostradamus :haha:

Until he starts predicting supertall designs with napkin sketches I'm the only Nostradamus around here ..

pilsenarch Sep 8, 2019 4:04 PM

^remember to give credit to the detailed description... ;)

MorganChi Sep 9, 2019 3:11 PM

https://www.chicagotribune.com/busin...w5q-story.html

bnk Sep 9, 2019 8:34 PM

Quote:

Originally Posted by MorganChi (Post 8681787)

Uber’s new space will be as big as 24 football fields and spread over two floors. It’s the largest lease signed in the building that sat vacant for years but is quickly filling up amid an $800 million-plus redevelopment by New York-based developer 601W Cos.



“When we saw the level of talent we could attract here — people here work hard, they’re thankful for their jobs, they have this kind of Midwestern work ethic that flows through the offices — that really encouraged us to say OK, you know what, let’s double down on Chicago and let’s double down in a way that makes a statement. That it’s not just operations, it’s tech.” Khosrowshahi said.

marothisu Sep 9, 2019 10:18 PM

Quote:

Originally Posted by bnk (Post 8682210)
Uber’s new space will be as big as 24 football fields and spread over two floors. It’s the largest lease signed in the building that sat vacant for years but is quickly filling up amid an $800 million-plus redevelopment by New York-based developer 601W Cos.

A football field is 57,600 square feet - so 463,000 square feet is the size of
8 football fields. Their math is a bit off.

Quote:

“When we saw the level of talent we could attract here — people here work hard, they’re thankful for their jobs, they have this kind of Midwestern work ethic that flows through the offices — that really encouraged us to say OK, you know what, let’s double down on Chicago and let’s double down in a way that makes a statement. That it’s not just operations, it’s tech.” Khosrowshahi said.

Well yeah of course. There's a good number of people from the midwest or people who went to college in the midwest who are in the Bay Area working in tech too. That makes some sense. Also, people like to get shit done and take pride in their work in the midwest I find.

Good that companies like Uber realize it for things like tech. Hopefully they pay well which will be good for other companies in the city as it could force them to pay even more with that many new tech hires.

lakeshoredrive Sep 10, 2019 1:41 AM

Uber and other signed tenants should advocate to the city and CTA for a pedway connection from the building to the Clinton st station.

SIGSEGV Sep 10, 2019 4:39 AM

Quote:

Originally Posted by lakeshoredrive (Post 8682488)
Uber and other signed tenants should advocate to the city and CTA for a pedway connection from the building to the Clinton st station.

Wouldn't that be ironic...

SIGSEGV Sep 10, 2019 7:55 PM

I'm going to assume like 90% of this forum will be here:

https://openhousechicago.org/sites/s...o-post-office/

Jim in Chicago Sep 11, 2019 4:10 PM

Quote:

Originally Posted by SIGSEGV (Post 8683276)
I'm going to assume like 90% of this forum will be here:

https://openhousechicago.org/sites/s...o-post-office/

Probably not. it's still just the lobby that we all saw last year.

Handro Sep 11, 2019 6:33 PM

Quote:

Originally Posted by Jim in Chicago (Post 8684145)
Probably not. it's still just the lobby that we all saw last year.

I missed it last year and was planning to go this year... is it worth the trip if you missed last year?

Suburban Shadow Sep 11, 2019 7:00 PM

When are tenants supposed to start moving in?

gebs Sep 11, 2019 7:13 PM

A Tribune article from April reported that the first tenants would begin moving in by September. So, unless there have been unpublished delays, any minute now?

BVictor1 Sep 17, 2019 4:25 PM

https://www.chicagobusiness.com/comm...ld-post-office

September 17, 2019 10:33 AM UPDATED 23 MINUTES AGO

Cboe confirms HQ move to Old Post Office
The parent company of the Chicago Board Options Exchange also is moving its trading floor to the CBOT Building.

CRAIN'S STAFF

Quote:

Cboe Global Markets announced today it will move its headquarters to the Old Post Office and move its trading floor to the CBOT Building.

The company said it signed a 15-year lease, with an option for a five-year renewal, for about 185,000 square feet in the Old Post Office building at 433 W. Van Buren St. Crain's had previously reported that a deal to move the HQ to the Old Post Office was close.

Cboe also said it would move its trading floor to the CBOT Building at 141 W. Jackson, signing a 12-year lease there for about 40,000 square feet of office and trading floor space. The company said it plans to sell its current building, 400 S. LaSalle St.

Busy Bee Sep 24, 2019 1:09 PM

Quote:

Originally Posted by Stockerzzz (Post 8696462)

They need all that space to store their worthless stock certificates.

Busy Bee Sep 24, 2019 1:10 PM

Quote:

Originally Posted by Stockerzzz (Post 8696462)

Wow, stunning. It's like our very own Reichs Chancellery.

Jim in Chicago Sep 24, 2019 3:02 PM

Quote:

Originally Posted by Busy Bee (Post 8696484)
They need all that space to store their worthless stock certificates.

Not to mention the piles of money that they're raking in by abusing the drivers.

Jim in Chicago Sep 24, 2019 3:05 PM

Quote:

Originally Posted by Busy Bee (Post 8696485)
Wow, stunning. It's like our very own Reichs Chancellery.

Kind of, but this was built back in the days when things like Post Offices were built to impress - along with other government projects like Hoover Dam - who would ever image something as utilitarian as a dam with terrazzo floors, amazing metal work etc.

My favorite example is the old post office in Singapore - built in the British colonial era, it screams "we're Britain, and you're not." Now a hotel, it is still awesome.

the urban politician Sep 24, 2019 3:12 PM

Quote:

Originally Posted by Jim in Chicago (Post 8696602)
My favorite example is the old post office in Singapore - built in the British colonial era, it screams "we're Britain, and you're not." Now a hotel, it is still awesome.

^ Funny you don't notice the irony of saying this, yet also pointing out the below:

Quote:

Originally Posted by Jim in Chicago (Post 8696600)
Not to mention the piles of money that they're raking in by abusing the drivers.

Do ya think the British just created their wealth out of thin air? I think a lot of people got "abused" (more like murdered...cough cough) in order to plunder the wealth to build these so-called great "we are British" buildings

Baronvonellis Sep 24, 2019 3:21 PM

Heck even the Post Office in Uptown was built in the middle of WW2, has huge carved granite eagles in front of the building, and huge murals painted inside.

It just goes back to the culture at that time, that people and buildings should "dress to impress" while in public.

Steely Dan Sep 24, 2019 3:34 PM

and by the '70s the USPS was building shit-burgers like this: https://www.google.com/maps/@41.9686...7i16384!8i8192

once upon a time they actually gave a shit: https://www.google.com/maps/@42.0471...7i16384!8i8192

Jim in Chicago Sep 24, 2019 4:04 PM

Quote:

Originally Posted by Steely Dan (Post 8696641)
and by the '70s the USPS was building shit-burgers like this: https://www.google.com/maps/@41.9686...7i16384!8i8192

once upon a time they actually gave a shit: https://www.google.com/maps/@42.0471...7i16384!8i8192

Did the USPS actually build that turd or just move in. Take away the sign and it could be any of a million doctor's offices or insurance agencies in the US.

Steely Dan Sep 24, 2019 4:18 PM

^they built it after they moved out of the old lincoln square post office that was subsequently demolished.

and the site of the old post office in lincoln square is now a strip mall!!!

man, the '70s were just so chock-full of good ideas and decisions.


the original lincoln square post office:
https://forgottenchicago.com/pics/post/2311lawr.jpg
source: https://forgottenchicago.com/articles/pony-express/

Baronvonellis Sep 24, 2019 5:02 PM

Uggg, yea I hate that Lincoln Square post office from the 70's. And the one that demolished was so nice for a ugly strip mall, what a travesty. I prefer going to the Uptown Post Office now.

Randomguy34 Sep 27, 2019 1:03 AM

Was surfing the internet and found a blog talking about 5 CTA stations that badly need renovations. To no surprise, Clinton Blue Line was one of them. Fortunately, as a part of the Forest Park renovation they plan to build an entrance in front of the Post Office

https://1.bp.blogspot.com/-17VPucMJG...linton%2B2.JPG
https://www.metroblog.us/2019/09/5-c...e-need-of.html

BonoboZill4 Sep 27, 2019 2:13 AM

Cool find rg34

Jim in Chicago Sep 27, 2019 2:35 PM

Quote:

Originally Posted by Randomguy34 (Post 8699585)
Was surfing the internet and found a blog talking about 5 CTA stations that badly need renovations. To no surprise, Clinton Blue Line was one of them. Fortunately, as a part of the Forest Park renovation they plan to build an entrance in front of the Post Office

https://1.bp.blogspot.com/-17VPucMJG...linton%2B2.JPG
https://www.metroblog.us/2019/09/5-c...e-need-of.html

The linked article also mentions the LaSalle Clinton stop. This is a disaster of a stop. Another one with a long platform leading nowhere, and no access from the street that doesn't involve stairs - 26 of them, I've counted. It is described as often desolate, but I don't know what the author is talking about. As more and more housing units come online is serves as a primary stop for Sloopers coming and going from ORD. Bury prime time it's very busy and during off hours it seems busier that those desolated stations the train passes through further north. It isn't traveler friendly - not only are the steps daunting, but the turnstiles are too narrow for a standard suitcase so you need to do the "get the attendant to open the gate, shove your bag through and then go through the turnstile before retrieving it." routine. With all those units opening on Wells, it would seem a prime place to add an exit from the West side of the platform, but I have no idea how they'd fit it in.

Ned.B Sep 27, 2019 6:09 PM

Steely Dan,

I can see at least an attempt at architectural language and interesting geometries in that post office design, even if it fails to create a memorable presence or convey civic power. This thing across the street though is a complete abomination of architecture and urban planning:

https://www.google.com/maps/@41.9685...7i16384!8i8192

Like, who comes up with this trash?

The post office is a beautiful expression of function, careful proportion, and limited ornament where it can really make a statement in a way that most contemporary buildings just don't seem to be able to muster up.

Vlajos Sep 27, 2019 7:53 PM

Quote:

Originally Posted by Ned.B (Post 8700237)
Steely Dan,

I can see at least an attempt at architectural language and interesting geometries in that post office design, even if it fails to create a memorable presence or convey civic power. This thing across the street though is a complete abomination of architecture and urban planning:

https://www.google.com/maps/@41.9685...7i16384!8i8192

Like, who comes up with this trash?

The post office is a beautiful expression of function, careful proportion, and limited ornament where it can really make a statement in a way that most contemporary buildings just don't seem to be able to muster up.

That whole section of Lawrence is terrible. Except HarvestTime of course. It's the best grocery! Oh and Hellenic Bakery and Goosefoot

Jim in Chicago Oct 3, 2019 3:00 PM

With all the news of move-ins, etc. I was reminded of the piece of property West of Canal and North of Harrison. This is the Holiday Inn, the sad little shopping strip on Harrison and the Parking lot.

There was speculation awhile back that at least the Holiday Inn was for sale. Is there any news?


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