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

Steely Dan May 8, 2014 7:57 PM

Holy potential watershed moment, Batman!

this could be big.

REALLY BIG.

Onn May 8, 2014 8:17 PM

Quote:

Originally Posted by spyguy (Post 6570140)
http://www.chicagobusiness.com/artic...in-post-office

Walgreen looks to move HQ to Old Main Post Office
By Thomas A. Corfman and Greg Hinz May 08, 2014


Walgreen Co. is taking steps to move its headquarters downtown — the old Main Post Office.

Under pressure by some shareholders to move its Deerfield headquarters to Europe, the drug store giant has for months been scouting locations in the Loop, where it would potentially move thousands of jobs.

The company is the largest employer in Deerfield, with 3,500 workers, according to a filing by the northern suburb to bond holders in December 2012. Exactly how many employees would come downtown could not be determined.

Quote:

Real estate industry insiders speculate that Walgreen is the unidentified client of Jones Lang, which has been looking for as much as 1 million square feet of space in the downtown market.
That's pretty big news! Hope they do it! :)

wierdaaron May 8, 2014 8:41 PM

It doesn't say anything about whether they'd be moving in as-is or waiting for the hypothetical towers.

chris08876 May 8, 2014 8:59 PM

Keep fingers crossed!

In the meantime, such positive news/foreshadowing about this in Chi-town, and the Hudson Spire in NY entails:

http://37.media.tumblr.com/8b83a39e4...5vsao1_500.gif
:)

tjp May 8, 2014 9:06 PM

Wow - awesome.

I wonder if they'd be looking at moving all their employees downtown (around 3,500 in Deerfield)... The Crain's article said they're looking for 1M SF of space, but their Deerfield campus has about 1.7M.

munchymunch May 8, 2014 9:20 PM

WOW really 1 million thats more than enough to get the project moving, I wasn't really not expecting any news for a while. Now just forget about the whole train thing and focus on the project please IPD

j korzeniowski May 8, 2014 9:28 PM

Quote:

Originally Posted by munchymunch (Post 6570331)
WOW really 1 million thats more than enough for the 1000 footer I was really not expecting any news for a while. Now just forget about the whole train thing and focus on the project please IPD

i know less about this than anybody here, so. . . let me offer my opinion. . .

when i saw this in crain's, i immediately thought of this thread, of course, and the proposed 1,000'er.

however, then i thought maybe they will use the sizable post office or its skeleton to create a sort of urban suburban campus like they already have in deerfield.

i guess it's the sears of pharmacies, so maybe the walgreen tower (shaped like a prescription bottle?) is a possibility.

anyways. . . :cheers:

munchymunch May 8, 2014 9:35 PM

Quote:

Originally Posted by j korzeniowski (Post 6570342)
i know less about this than anybody here, so. . . let me offer my opinion. . .

when i saw this in crain's, i immediately thought of this thread, of course, and the proposed 1,000'er.

however, then i thought maybe they will use the sizable post office or its skeleton to create a sort of urban suburban campus like they already have in deerfield.

i guess it's the sears of pharmacies, so maybe the walgreen tower (shaped like a prescription bottle?) is a possibility.

anyways. . . :cheers:

Ya I just remembered the intial plan meant to re-do the the post office. The article also mention Bill Davies is driving a hard bargain. I wonder if that means he's not open to much change in the project, also I forgot to mention this but whats with Jones Lang were does Booth Hansonn fall in this. Does this mean walgreens is buying the office off of Davies, or is there something I missed.....

LouisVanDerWright May 8, 2014 10:02 PM

Quote:

Originally Posted by spyguy (Post 6570140)
http://www.chicagobusiness.com/artic...in-post-office

Walgreen looks to move HQ to Old Main Post Office
By Thomas A. Corfman and Greg Hinz May 08, 2014


Walgreen Co. is taking steps to move its headquarters downtown — the old Main Post Office.

Under pressure by some shareholders to move its Deerfield headquarters to Europe, the drug store giant has for months been scouting locations in the Loop, where it would potentially move thousands of jobs.

The company is the largest employer in Deerfield, with 3,500 workers, according to a filing by the northern suburb to bond holders in December 2012. Exactly how many employees would come downtown could not be determined.

All I can say is: LOL.

This is a Holy Shit moment if this actually happens. They would unquestionably go Motorola style and take several of the massive floorplates of the post office to create hyper efficient space like in Merch Mart. These massive old buildings (Montgomery Ward, Merch Mart, Fulton Cold Storage, and now the Post Office) are turning out to be extremely efficient for the modern reality of open plan offices. Because the plates are so big and there are very few interior walls, the loss factors in these buildings are rock bottom which means the tenant gets several percent more usable square feet per rentable square foot.

In addition to the USF bump, they also can cram massive numbers of desks into a wide open floorplate like this. That means higher density plans and lower costs per employee. They also typically go with a low cost loft style buildout which simply involves cleaning and painting the structural elements and then installing new mechanicals which sheds huge amounts of buildout costs, again reducing the cost of moving downtown. All in all it might even be the case that most of the 1.7 million SF in Deerfield is turning into 1 million SF downtown because they are seeing massive efficiency increases. I am sure that the expansion possibilities in the Post Office are also very attractive to them. No major corporations like to be hemmed in which is a major reason why they moved to suburban corporate campuses in the first place. They can go up and out at a site like the Post Office.

This means, for massive companies like Moto or Walgreen, that take multiple full floors, downtown office space in a massive old building like this can actually be as cheap as or cheaper than suburban space. I'm starting to foresee a day where Chicago rue's the loss of the other previously obsolete downtown behemoth buildings because they seem to have become an incredible tool for attracting massive businesses to downtown. There could actually be a day where Merch Mart, Montgomery Ward, and Post Office are all 100% leased. What happens then? Are there other targets out there I am forgetting about?

tyleraf May 8, 2014 11:20 PM

Wow! Let's hope this happens. It would be great to see something actually go in at the old post office.

LaSalle.St.Station May 8, 2014 11:31 PM

Post Office.

I'd feel better if the Post Office owner was more of a known commodity.

This could signal the end of ( at least in metro Chicago ) fortune 500 headquarters in the outer suburban ring, in lieu of downtown.

the urban politician May 9, 2014 12:26 AM

If this happens,

That

Will be

The

Shit.

ardecila May 9, 2014 1:25 AM

@LVDW: Can the Takeda Tower at Ashland/Roosevelt be far behind?

This would be a big fish for Rahm for sure... He needs to be giving the full court press to Walgreens and Bill Davies so they reach a deal.

Sucks for Deerfield; they could try to land a big pharma tenant or do housing on the site, but Walgreens contributed a boatload of tax revenue and demanded relatively little in services. They also lost the Bulls last year, which is too bad... For a suburb, Deerfield is actually pretty nice, unlike say Schaumburg. With all this decline, when will IDOT wise up and stop spending so much money in the suburbs? The Tollway mortgaged billions on the continued expansion of suburban jobs/housing, but I don't see the momentum apart from some odd ducks like Zurich.

Ch.G, Ch.G May 9, 2014 2:04 AM

Quote:

Originally Posted by ardecila (Post 6570646)
@LVDW: Can the Takeda Tower at Ashland/Roosevelt be far behind?

This would be a big fish for Rahm for sure... He needs to be giving the full court press to Walgreens and Bill Davies so they reach a deal.

Sucks for Deerfield; they could try to land a big pharma tenant or do housing on the site, but Walgreens contributed a boatload of tax revenue and demanded relatively little in services. They also lost the Bulls last year, which is too bad... For a suburb, Deerfield is actually pretty nice, unlike say Schaumburg. With all this decline, when will IDOT wise up and stop spending so much money in the suburbs? The Tollway mortgaged billions on the continued expansion of suburban jobs/housing, but I don't see the momentum apart from some odd ducks like Zurich.

Deerfield is wealthy. Maybe not as wealthy as its actual North Shore neighbors but still definitely wealthy. Highland Park, Glencoe, Winnetka, etc. do a pretty great job without any tax revenue from enormous international headquarters. What were those tax dollars supporting I wonder?

BVictor1 May 9, 2014 2:11 AM

Fox Chicago just said that Walgreens has no plans to move into the city.

Chi-Sky21 May 9, 2014 2:26 AM

WELL...... we all know Fox NEVER lies!! anyways...i would much rather them be the major tenant in that new Fifield west loop supertall! 8)

tjp May 9, 2014 2:35 AM

Yeah - the mayor / city manager / whatever is saying that Walgreens assured him that they weren't looking to relocate. Who was Crain's source for the relocation story?

tjp May 9, 2014 2:42 AM

Walgreens Denies Move to South Loop; Fioretti Says it Would Boost Area

http://www.dnainfo.com/chicago/20140...uld-boost-area

Zapatan May 9, 2014 2:58 AM

Quote:

Originally Posted by tjp (Post 6570744)
Walgreens Denies Move to South Loop; Fioretti Says it Would Boost Area

http://www.dnainfo.com/chicago/20140...uld-boost-area

We were all so excited there for a couple hours when we thought this project had a chance.:sly:

denizen467 May 9, 2014 4:33 AM

I believe the Crain's reporting more than I believe those ensuing vague denials.

One key thing here is the Main Post Office's proximity to Union Station and also Ogilvie -- the current Walgreens HQ is close to the Milwaukee District North Line, which runs to Union Station. It would ease retention of employees if they were told they'd end up with short commutes to a Metra station somewhere, and then a short (and "happy and healthy") walk to the new HQ. I think this has been a relatively common pattern in recent suburb-to-downtown relocations.

Didn't Sullivan Center get Walgreens internet operations as one of its launch tenants several years back? Presumably those staffers also might relocate to this new HQ.


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