SkyscraperPage Forum

SkyscraperPage Forum (https://skyscraperpage.com/forum/index.php)
-   General Development (https://skyscraperpage.com/forum/forumdisplay.php?f=86)
-   -   CHICAGO | Post Office Redevelopment (https://skyscraperpage.com/forum/showthread.php?t=192697)

Barrelfish Oct 20, 2021 5:49 PM

Quote:

Originally Posted by west-town-brad (Post 9428747)
I think I had a Cisco modem in 1996 on my Packard Bell PC

now they own WebEx

the terrible clunky and not free version of zoom :D

I'm not sure what your point is?

Cisco primarily sells products and services to businesses, not individuals. So yeah, if your picture of them is based on products that you personally buy, they won't seem that impressive (I agree, Webex sucks).

That's because most of what they do is sell products and services to companies that build telecom and data center infrastructure. The average person won't interact with them in their day-to-day life, but there's still a lot of money there. $50B of revenue in fact, employing 77500 people. Getting a slice of that is a good get for OPO, and downtown Chicago.

west-town-brad Oct 20, 2021 6:20 PM

Quote:

Originally Posted by Barrelfish (Post 9429073)
I'm not sure what your point is?

Cisco primarily sells products and services to businesses, not individuals. So yeah, if your picture of them is based on products that you personally buy, they won't seem that impressive (I agree, Webex sucks).

That's because most of what they do is sell products and services to companies that build telecom and data center infrastructure. The average person won't interact with them in their day-to-day life, but there's still a lot of money there. $50B of revenue in fact, employing 77500 people. Getting a slice of that is a good get for OPO, and downtown Chicago.

just trying to have some fun really, which is rarely welcomed in this forum so that's my bad

I know cisco is b2b

Klippenstein Oct 20, 2021 8:38 PM

Not sure if the plaza was open before, but this was the first time I walked by and the gate was open. They have some netting next to the benches... Not sure what it's for. It's hard to get the full view, but it has a great perspective of downtown and the river.

https://live.staticflickr.com/65535/...b2178173_h.jpg

And of course these bad boys.

https://live.staticflickr.com/65535/...a13643c7_b.jpg

left of center Oct 20, 2021 11:11 PM

90% occupied? Fantastic news! And to think, 20 years ago there were proposals to gut/demo much of this beautiful structure. Thank God that didn't happen. Would have been a travesty on the scale of the demolition of the old Merc...

Speaking of potential demos, what is the plan for the Chicago Central Carrier Annex? I remember years past that it was to be demolished, but that might have been with Davies and his crapshoot ideas for the OPO in the decade he slumlorded the property.

ardecila Oct 20, 2021 11:31 PM

Quote:

Originally Posted by left of center (Post 9429543)
Speaking of potential demos, what is the plan for the Chicago Central Carrier Annex? I remember years past that it was to be demolished, but that might have been with Davies and his crapshoot ideas for the OPO in the decade he slumlorded the property.

The carrier annex/Sugar House is also owned by 601W along with OPO. Right now they are using it as a staging site for work on the main structure and for the tenants' GCs. I don't think there is a firm plan to develop there yet.

The city is planning major projects to rebuild Harrison directly in front of the Sugar House (Canal to the river) as well as Canal itself, both of which span over the Union Station tracks. If/when those projects kick off, the Sugar House site will be virtually inaccessible except for workers driving into the OPO and the new Post Office garages. So I'd guess 601W is waiting on those projects.

They also own the parking lot at Clinton/Harrison next to the Holiday Inn. They are in the midst of resurfacing that lot so it looks less awful, but that probably means they aren't planning to develop there either anytime soon.

left of center Oct 21, 2021 2:49 AM

Interesting! What does the city have planned for Canal? That stretch of road definitely needs work, and not just because its crumbling. Its a jumbled and confusing mess, especially the intersection of Canal and Harrison which constantly confuses everyone driving through it with underpass under 290 and the 'frontage roads' style on/off ramps to 290, plus the old access drive on the east side of that stretch of Canal creating a no man's land along the entire west side of the OPO. I assume the city and developers want to make the now fenced off Canal frontage more inviting/embracing the street, with the opportunity for street fronting retail?

ardecila Oct 21, 2021 4:37 AM

They will rebuild the viaduct structure between Madison and Taylor. I’ve heard it compared to the Wacker Drive rebuild from a few years back, except the lower level is train tracks. I haven’t seen any detailed plans yet for the Canal project but it keeps cropping up in planning documents.

However, once the viaduct is rebuilt, the plan is to build park space along the west side of OPO in the old loading dock areas.

BVictor1 Oct 22, 2021 2:51 PM

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

October 21, 2021 05:24 PM UPDATED AN HOUR AGO
Milwaukee Tool leases space for engineering hub at Old Post Office
The deal sets up the power tools maker to bring a few hundred jobs to the city.

DANNY ECKER

Quote:

Milwaukee Tool has joined the crowd of companies leasing space in the redeveloped Old Post Office, where the heavy-duty tool maker is opening a big new office that could bring a few hundred new jobs to Chicago.

The company has signed a lease for nearly 70,000 square feet in the massive Southwest Loop building at 433 W. Van Buren St., according to statements from Milwaukee Tool and the building. The Brookfield, Wisc.-based manufacturer's exact hiring plans are unclear for the new space, which it is slated to occupy in 2022. But the company is looking to hire a variety of engineering roles in Chicago, the Milwaukee Tool statement said, and the office size is large enough for more than 300 workers based on typical employee density levels.

Quote:

With the Milwaukee Tool deal in place, the Old Post Office is now 90% leased, according to Telos.

They said 90% last lease, but whatever... It's good news.

SIGSEGV Oct 22, 2021 4:29 PM

Quote:

Originally Posted by BVictor1 (Post 9431129)
https://www.chicagobusiness.com/comm...ld-post-office

October 21, 2021 05:24 PM UPDATED AN HOUR AGO
Milwaukee Tool leases space for engineering hub at Old Post Office
The deal sets up the power tools maker to bring a few hundred jobs to the city.

DANNY ECKER

This sort of feels like a slight to Milwaukee (the city)?

Quote:





They said 90% last lease, but whatever... It's good news.
They probably round...

ardecila Oct 22, 2021 5:25 PM

Yeah, 70,000SF is only 3% of the building's massive 2.5 million leasable SF. Drop in the bucket.

It should be convenient for Milwaukee people to get down there, though. Easy 1-block walk from Union Station if they're riding Amtrak.

BVictor1 Nov 23, 2021 11:59 PM

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

November 22, 2021 11:29 AM

Health care firm inks big Old Post Office lease
Vizient is combining its downtown and suburban offices into a single location at the redeveloped mammoth.

DANNY ECKER

Health care management consultant Vizient signed a big lease at the Old Post Office, a move that will combine its local offices into a single location and cut Uber's footprint at the redeveloped building by more than 20%.

Vizient inked a deal this month for roughly 112,000 square feet in the property at 433 W. Van Buren St., according to sources familiar with the lease. Vizient plans to consolidate its local offices in the building from its roughly 150,000 square feet of combined workspace today at 155 N. Wacker Drive in the West Loop and 5250 Old Orchard Road in north suburban Skokie.

Quote:

Irving, Texas-based Vizient, which offers various consulting services to health systems and has the two existing local offices as the result of previous mergers and acquisitions, plans to move into the new space on the Old Post Office's eighth floor late next year
Quote:

The Old Post Office was more than 90% leased as of last month

left of center Nov 24, 2021 3:41 AM

90% of this behemoth is leased? Incredible! A white elephant no more.

sentinel Nov 24, 2021 3:47 AM

Quote:

Originally Posted by BVictor1 (Post 9459672)
https://www.chicagobusiness.com/comm...ld-post-office

November 22, 2021 11:29 AM

Health care firm inks big Old Post Office lease
Vizient is combining its downtown and suburban offices into a single location at the redeveloped mammoth.

DANNY ECKER

Health care management consultant Vizient signed a big lease at the Old Post Office, a move that will combine its local offices into a single location and cut Uber's footprint at the redeveloped building by more than 20%.

Vizient inked a deal this month for roughly 112,000 square feet in the property at 433 W. Van Buren St., according to sources familiar with the lease. Vizient plans to consolidate its local offices in the building from its roughly 150,000 square feet of combined workspace today at 155 N. Wacker Drive in the West Loop and 5250 Old Orchard Road in north suburban Skokie.

Is this the same Texas company that was alluded by a forum member a few weeks ago as moving their HQ to Chicago?

SIGSEGV Nov 24, 2021 4:04 AM

Quote:

Originally Posted by sentinel (Post 9459813)
Is this the same Texas company that was alluded by a forum member a few weeks ago as moving their HQ to Chicago?

I don't think so... based on https://www.chicagobusiness.com/juic...-casinos-bears

Randomguy34 Nov 24, 2021 4:17 AM

^ Deputy Mayor Samir Mayekar said the Texas company is mid-sized and there will be an announcement about the move

ardecila Nov 24, 2021 5:03 AM

Quote:

Originally Posted by ardecila (Post 9429790)
They will rebuild the viaduct structure between Madison and Taylor. I’ve heard it compared to the Wacker Drive rebuild from a few years back, except the lower level is train tracks. I haven’t seen any detailed plans yet for the Canal project but it keeps cropping up in planning documents.

However, once the viaduct is rebuilt, the plan is to build park space along the west side of OPO in the old loading dock areas.

Just an update on this, FH Paschen has had parts of Canal closed off for 2-3 weeks now for the plaza work. All the ratty old loading dock pavement is being ripped up, you can see a bunch of round vents for train exhaust. Will be interesting to see how the plaza design deals with this... not super pleasant to hang out above some diesel locomotives.

I thought they were gonna rebuild the underlying viaduct first, but I guess not. :shrug:

Randomguy34 Jan 3, 2022 8:18 PM

This seems like big news, anyone have a CoStar subscription to summarize the article?

Old Post Office Lands $830 Million Loan in One of Chicago’s Largest Refinance Deals

After 601W’s $1 Billion Redevelopment, Long-Vacant Structure Along Chicago River Is Now 95% Leased
https://www.costar.com/article/17067...efinance-deals

SIGSEGV Jan 3, 2022 9:33 PM

^ Story in Crain's now too: https://www.chicagobusiness.com/comm...0-million-loan

Quote:


The New York developer that turned the dilapidated Old Post Office into a modern office building and has nearly filled it with tenants has refinanced the behemoth with one of the largest loans ever for a Chicago office building.

A venture led by 601W last month took out an $830 million mortgage from JPMorgan Chase on the cavernous property at 433 W. Van Buren St., according to Cook County property records. The loan replaces $611 million in debt the developer borrowed for the property in mid-2019, according to property records and Bloomberg data tied to the 2019 mortgage, which was packaged with other loans and sold off to commercial mortgage-backed securities investors.
Quote:

After inking recent deals with heavy-duty tool maker Milwaukee Tool and health care management consultant Vizient, the building is now about 95% leased, according to leasing brokerage Telos Group.

nomarandlee Jan 3, 2022 9:55 PM

Quote:

Originally Posted by SIGSEGV (Post 9492174)

I wonder what this means (if anything) for further redevelopment or plans for the building. Will this go towards the landscaping on the west side or the riverwalk side? The South annex building/new building?

ardecila Jan 3, 2022 11:37 PM

The riverwalk side is "done" for the moment but the landscaping there is "interim".

I assume the plans for that area are in flux given the need to upgrade Union Station by repurposing the old mail platforms under OPO (and the infrastructure bill may fund this).

601W probably also has plans to eventually build a highrise where the Sugar House is, and they will need to provide a pedestrian link to the north somehow for commuters.


All times are GMT. The time now is 2:59 AM.

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2022, vBulletin Solutions, Inc.