wasn't it someone on this forum that mentioned that 130 had a tenant lined up like 3 months ago but we never knew exactly who it was?.. It seemed that 130 was pretty much a go by all means?... I feel like it has dropped a bit in the confidence scale...just a tad :shrug:
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So if these are the two main buildings future "major" tenants are considering, (this and 110 wacker), can we assume that wolf point is going on the back burner until the next cycle?
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Because that project is being phased, the next tower they're thinking about is the east building. We don't know the programatic makeup of the south tower at this point.. |
One thing I've heard re 130 is that Tishman has been quite keen to go spec, but that the current arrangements it has with the lender/lender group it is currently working with are preventing it......
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....But alas my arrangement with lenders is also preventing it ;) |
^Only 700? My 1,800' spec tower is in its final stages. Only pending loan, location, plans, tenants but I'm confident in it coming to fruition this cycle or next.
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Mine would be in the east loop, 1400 ft, 70% affordable housing and designed by Jean Nouvel.
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lol. Yes, yes - mine too. While I realize how that sounded, I suppose I should expound: Tishman Speyer has other options here. Strong, Long-term relationships with specific banks and loan officers are important, though Tishman is a very large and experienced outfit. They presumably can take advantage of equity relationships to meaningfully boost total equity contribution and thus meaningfully reduce loan-to-value ratio. They can draw on a large amount of other debt sources that are out there and competing in the market - shop around at other traditional banks outside of the group they're working with, as well as foreign banks, debt funds, non-bank financial firms, etc. They could also launch the project on equity, with an eye toward arranging a loan partway through construction (closer to beginning than end), once they have landed an anchor - which may be easier once prospective anchors see the project physically progressing, and they're thus more confident in it, and the developer. Tishman has the means and the options to pull this off on spec if they really want to (if they don't in fact land a pre-construction anchor in the near-term). Whether they themselves are comfortable with the specific risk profile of that action is another matter. What I've also heard is that the bank/bank group they've been working with is taking into consideration some other spec projects elsewhere that they currently are working on....other prospective debt capital sources may not weight that factor as heavily...... |
Im Starting to get a bit worried about this one :( ...Felt very confident that this would be able to land a tenant just seems like too much competition may been joining the market now... Just posted article about 110 North wacker tower possibly starting in October
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I think 110 N Wacker and BofA just killed the chances of this one getting off the ground in the foreseeable future. I was really hoping to see this K&S design get built.
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https://farm5.staticflickr.com/4258/...e70dfe03_b.jpg
Ground-breaking ceremony taking place today :cheers: Just kidding, it's a film production crew. Maybe someday.... |
you tingled the hairs on the back of my neck for a second or two. I cant believe they havn't turned it back into a parking lot yet to make some extra money. maybe they still have something in the works.
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^ Same here.
This project is very much still being actively marketed to prospective anchor tenants........they are out there.... |
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Improved landscaping of Court at the Wacker end could create a pleasant pedestrian passthrough and result in the kind of interesting, human-scaled public space that keep cities interesting. I'm thinking something comparable to Paternoster Square and pedestrian feeder alleys in London, or a mini version of the way Madrid's Calle de la Montera connects Gran Via with Puerta del Sol. During holiday seasons the space could have themed events or markets to liven up what is really one of the most boring parts of the Loop. With the General Growth building going away, the proximity of the cool public space associated with its replacement could end up turning the NW corner of the Loop area into one of the best parts, giving people something to walk over to from the west end of the Riverwalk. |
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SSDD |
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