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But of course we don't even know if Chase is anchoring it anyway so... |
There are 2 sites closeby right? One is a parking lot and another is where the old CME building was? Or is it just 1 site including both?
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How the lower terrace spills out onto the street is really fucking cool, imagine if this was on the river and continued into a Riverwalk
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It's pretty clear Chase has been shopping around Chicago for new space, but whether they move is still unclear. If they stay in Chase tower it'll definitely need a new renovation to stay competitive compared to BOA and BMOs new towers. I'll repost this article about the search again- https://www.chicagotribune.com/busin...m6y-story.html |
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Chase already anchors a large tower in Chicago, and the rumor mill has been swirling that they are potentially looking to anchor a new development to "keep up with the Joneses" because both BofA and BMO Harris have recently moved into brand spanking new class A towers here in Chicago. It may or may not happen (obviously), but your argument that it isn't likely to happen because it hasn't happened yet makes absolutely no sense what so ever. All of the rumors and "insider info" has indicated that Chase is weighing their options here in Chicago right now at this very moment in time. We'll see what happens. |
I dont see Chase doing anything over the top here even if they do plan a signature tower... The days of signature office towers in this city are over to be honest....NYC is only city in the US that will be doing large over the top office tower... Expect something in the 800-900 ft if your lucky with blue glass...and I wish that was sarcasm but its just the facts.. Office developers here are all about conservative bottom line and safe bets...
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In the entire history of Chicago, there have only ever been two office towers with occupiable height above 900' (Sears and Aon). And they were both built a half-century ago in a very different time. |
Really wish JPMC would've went with John Buck Company's proposal for 655 W Madison, 971' with a nice design albeit on a podium. Even if they go with 130 N Franklin I doubt Tischman Speyer could do better than this
https://chicago.urbanize.city/sites/...?itok=vnVLo02x |
^ Yes! Love that one. If only...
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In that case it's not just NYC, SF's Salesforce Tower is a supertall signature office tower built relatively recently. I could see Miami or Austin pulling one at some point. I'll agree though that the best hope for Chicago's next supertall is a mixed use or residential tower. Unless we get really lucky with Chase. Quote:
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It's almost as if there's some kind of formula to making the biggest ROI on Chicago office tower development. ;) |
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I would like to think another office tower with occupied height 900+ is within the realm of possibility... |
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If Chase goes crazy with a supertall - Great. But if they do go with 800-1,000 feet, make it a signature tower, not another goddamn blue box in the skyline. Shit - A smaller 9 DeKalb would be amazing, just give me something that wets my pallet. |
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9 DeKalb is way too skinny to be an office tower though, it would have to be a fat version of it.
Could be interesting I guess... |
Per Mackensen (YIMBY)
"I think if JPMC were to stay in Chicago then I don’t think they are looking for a location near their current HQ. I rather suspect they are going to West Loop or River District (near the casino) or Lincoln Yards or Moodys." https://forum.newyorkyimby.com/t/chi...t-floors/19856 |
Nm
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Building a tower outside the Loop - even if not that tall, is extremely exciting to me. It has the potential to really supercharge a new neighborhood/development - much like Google did to Fulton Market many years ago as being one of the first movers there. |
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imagine a 900 footer in the West Loop, would be crazy
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If Chase doesn't anchor this then I guess we get two new office towers, provided they find someone to anchor this one.
Could be a blessing in disguise although if Chase builds out of the loop they may not build that high. You think they'd go for a complex / office park instead? |
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For all we know they could say screw it and just do literally nothing - not even large scale renovations of the existing tower. |
Chase is currently sinking money into their existing tower - replacing all the landscaping around Exelon Plaza, rebuilding the tunnel to 20 S Clark at huge expense, etc. Strange behavior if they're planning to leave.
But let's assume they do leave. Why would they go to an emerging area like Fulton Market or Lincoln Yards when the financial sector is still so concentrated in the Loop? If NYC is any guide, you could see a large back-office operation in those areas, like Citicorp in Long Island City or Goldman Sachs in Jersey City. But the upper levels will want to remain in the Loop for their proximity to the exchanges, law firms, government, etc. |
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That's possible but it's not clear to me what tech offices gain from agglomeration in places like Fulton Market. After all, the tech industry was born in the office parks of Silicon Valley and Rte 128.
The appeal of "tech hub" neighborhoods like Fulton, Mission Bay, Kendall Square, Chelsea seems to be purely about lifestyle amenities (bars, restaurants, general cool vibes). Not a lot of concrete business advantages. They justify it by saying that cool neighborhoods attract top talent, but that is less important post-Covid with all the remote work. At one time you could argue those areas offered cheaper rents too, but I'm not sure that's still true with the post-Covid collapse of traditional CBDs. Even Google decided the Loop was a stronger place for expansion than Fulton Market, once the cost of entry was lower. |
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It's a huge talent grab right now in that section of the industry and now the typical FAANG etc are involved. Many of these companies are now vying for the same talent and the "we are a prestigious financial firm" alone doesn't cut it anymore for those roles ,especially as these roles have gained way more importance in the industry (JPMC's tech budget per year is nearly $15B now for example. Bank of America spends over $11B a year now). |
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Although on the flip side JPMC isn't a tech company, so it would just be for the tech branch. Maybe they'd still put their financial executives in a tower. |
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It's 2022,. Time to update how you think of a "tech company." In short - who knows what the plans are for this site. But discounting *any* company to build some tower that would take 3+ years out to complete anyway is shortsighted. Recessions don't typically last that long. |
Please make it stop. For eff sakes.
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I'm just interested in whether they would consider a downtown-adjacent neighborhood like Fulton, or if they are too tightly committed to being in the Loop. We've seen other old-economy companies move to Fulton (like Kimberly-Clark, John Deere, etc) so it's not just "cool" tech, advertising and design firms. |
Makes sense, I'd also note Silicon Valley is unique geographically and has a lot of nice office-parky places between two major metros (SF and San Jose).
I don't actually want Chase to build an office park so if they build a tower instead, awesome. Question is, who'd anchor this one / would it be converted into mixed use? |
Well this new tower is a huge letdown. Disappointing to say the least
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Since I'm skeptical about the hypothetical height bump, I'm actually liking the tower. Any building shorter than a supertall is going to be pretty well hidden in this location, so as long as there's great street level activation I'm happy. And the street level looks pretty damn cool to me.
https://chicagoyimby.com/wp-content/...7-1024x657.png |
I’m hoping this is just to get the PD extended. The renderings still look sort of place-holdery like they’re only half designed. I’m hoping for a final, larger redesign if chase signs a lease. Otherwise this smaller design would financially work for a much smaller anchor tenant.
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Placeholder for an extention is precisely my guess here. Also, tenants have all the leverage today. I have no doubt that they would completely change the design (even if not placeholder) to land a tenant if they think that's what it takes or the tenant was really assertive about some things related to overall building design, if truly a major anchor...and there aren't too many of those out shopping these days, unfortunately. |
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^Very cool thanks!
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Great video! Thanks for sharing!
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Love it!
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Wow. . . excellent video. . . thanks for sharing!
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Still unbelievable the city even allowed for the old exchange to be demo'd in 2002....
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Great work!
Here's to hoping they find a tenant or go mixed use. |
Thanks for the behind-the-scenes content, great stuff. As you said there's a lot of blue glass in this part of town. This lot would've been a good one to go taller and bolder on the facade to help break that up. Maybe a parking garage in this part of town will eventually fill that void.
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Very nice video. You have some good talent :tup:
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