CHICAGO | Highrise Projects & Construction, v7

[Bonsai Tree]

Originally Posted by Skyguy_7

^ I wasn’t just yankin your chains. But Chase has no Aussie connection to my knowledge.

Maybe we’ll get the twin 1,000 fitters nearby OPO after all!

You hear anything else after your original post about it?

[Zapatan]

I could partially understand a 98 story mixed use tower but an all-office tower of that height / floor count nowadays makes me skeptical, even in NYC.

Hope it's true though, obviously

[Fvn]

Just hazarding a wild guess here but I wonder if it's CSL; they already have a presence in IL (Bradley I think) and have even invested in upgrading that facility in the last few years seemingly showing a commitment to the region.

[munchymunch]

Originally Posted by r18tdi

Do you think 590 W. Madison is still a viable option? They put in a park and it's been crickets ever since.

With the developers in charge, I’d say it’s the least viable option.

Wouldn't mind some 1,000 foot mock ups rgarri

[PittsburghPA]

Crane coming down at 609 W Randolph

[sentinel]

TBH, I do not recall reading about this one before:

410 S. Wabash, 25 story apartment building







https://urbanize.city/chicago/post/loop-construction-410-wabash-apartment-tower-parking-lot

[ardecila]

Originally Posted by Fvn

Just hazarding a wild guess here but I wonder if it's CSL; they already have a presence in IL (Bradley I think) and have even invested in upgrading that facility in the last few years seemingly showing a commitment to the region.

That is possible, I guess but it's rare for pharma companies to open in downtown locations. It's a highly suburban industry, like insurance or defense contracting.

CSL's current North America HQ is in King of Prussia, typical suburban office park. Even their Australian HQ is a low-density campus (although close to downtown Melbourne).

[aaron38]

Originally Posted by ardecila

That is possible, I guess but it's rare for pharma companies to open in downtown locations. It's a highly suburban industry, like insurance or defense contracting.

I would think that’s changing though, with the massive numbers of young people who start out after college in the city. I would have gladly lived in Chicago if Motorola hadn’t been in Schaumburg. And now all their software and business teams (what’s left) are in Chicago.

And the great thing about downtown Chi is that as workers age, if they want the SFH and yard in the burbs, they can take Metra. Keep building office towers around Ogilvie and Union Station.
I’ve kept myself within bike distance of Metra all these years just in case the dream tech job opens up downtown.

[rlw777]

Originally Posted by Skyguy_7

^ I wasn’t just yankin your chains. But Chase has no Aussie connection to my knowledge.

Maybe we’ll get the twin 1,000 fitters nearby OPO after all!

Lendlease is the first Aussie company I thought of but their Chicago footprint isn't big enough to be the anchor of a 98 story office tower.

[SamInTheLoop]

Originally Posted by SteelMonkey

Chase eyes sites for potential new skyscraper, in what could lead to one of the largest office leases in Chicago history

https://www.chicagotribune.com/business/...06-osqcwd2qlfewxlhkiqatgx6m6y-story.html


Some snippets..

JPMorgan Chase is looking at development sites where it could lease as much as 1 million square feet in what could lead to one of the largest office leases in Chicago history. It also could mean changes for the bank’s well-known Loop office tower.

The banking giant, which owns and occupies the 60-story Chase Tower, recently toured several sites and listened to pitches from developers looking for an anchor tenant to kick off construction of a new skyscraper, according to people familiar with the search.

If Chase does move, it likely would look to sell its distinctive, sloped tower.

But there are signs pointing to a deal this time around, amid increased attention to the quality of office space as companies call workers back from home after more than a year of COVID-19 precautions.

Another factor likely to influence Chase’s thinking: Bank of America and BMO Financial are relocating and putting their names on brand-new Chicago towers.

Those making pitches to Chase include Tishman Speyer for a vacant site at 130 N. Franklin St., and Hines for a site south of Willis Tower at 401 S. Wacker Drive. John Buck Co. proposes a site at 655 W. Madison St., along the east side of the Kennedy Expressway.

Does anyone know when Hines became involved in the 401 S Wacker site? Did that slip under the radar, or was I just snoozing on that one?

[SamInTheLoop]

Originally Posted by rlw777

Lendlease is the first Aussie company I thought of but their Chicago footprint isn't big enough to be the anchor of a 98 story office tower.

Could be wrong, but I don't know that Lendlease's footprint anywhere within the US is large enough to anchor a major tower, let alone something of that magnitude.

[munchymunch]

Lendlease is what I was thinking as well, possibly there was a miscommunication in regards to the lease because lend lease somehow being involved makes a lot of sense.

401 s wacker completely slipped under the radar that has to be a new agreement.

[Randomguy34]

Originally Posted by r18tdi

Do you think 590 W. Madison is still a viable option? They put in a park and it's been crickets ever since.

I got curious about this and 655 W. Madison St. And when I get curious, I start reaching out to my connects. As usual, they don't want to give me too much info but they did point me to a Post-Pandemic Downtown Office report. They said to go to page 18 for proposed towers. Lo and behold...

2022: 590 W. Madison - 1.2 million sqft
2023+: 655 W. Madison - 1.25 million sqft

Report: https://property.colliersbk.com/market_report/2020Q3OfficeReportChicagoDowntownColliers.pdf

[RedCorsair87]

Damn, that's some good detective work!

Granted WPS is relatively slender, it's impressive that 590W and 655W Madison will be as large and slightly larger than WPS. Crazy!

130N Franklin is also listed in 2022 at almost 1.2 mil.

Fingers-crossed we see something besides blue glass (even green!) to break up ever-growing western blue mass.

[Fvn]

Originally Posted by ardecila

That is possible, I guess but it's rare for pharma companies to open in downtown locations. It's a highly suburban industry, like insurance or defense contracting.

CSL's current North America HQ is in King of Prussia, typical suburban office park. Even their Australian HQ is a low-density campus (although close to downtown Melbourne).

There seems to be a possible trend towards highrise office leases for Big Pharma as they try to sell themselves to younger talent. Pfizer moving their HQ to The Spiral in NYC is a good example of this.

[the urban politician]

This news about Chase potentially building a new signature tower is just phenomenal news.

If they do it, though, I want to see it in the Loop (ie East of the Kennedy). I love what’s happening in the Fulton Market district/West Loop as much as anyone here.

But the site of proud megatowers boasting the center of global commerce belongs smack dab in the Loop.

Let the upstarts and the innovative types locate further west or further north. But the center of the center needs to retain its crown, IMO. Somewhere near Wacker Drive would be ideally suited.

[nomarandlee]

It will be interesting to see where Chase wants to take this. Is it almost assured they will headline a new building or is it just as likely they will try to find leasable space in a pre-existing I wonder.

If they do choose a new building location I kind of hope it is not 130 N. Franklin. Though it's absurd that the lot has been as vacant as long as it has I just don't think a building is likely to add much from a skyline perspective at the location, hidden largely behind the new N/S Wacker buildings.

[west-town-brad]

I wonder if the new Chicago JP Morgan Chase building would match their new HQ under construction in NYC in terms of design:

https://newyorkyimby.com/2019/11/new-ren...ast-headquarters-at-270-park-avenue.html

[LouisVanDerWright]

^^^ Wouldn't mind a 1400' foster...

The 401 S Wacker site is by far one of the most prominent left in the city now that WPS is gone. A 98 story office towers there would be quite alright...

[Zapatan]

With 98 office floors these days, this could easily be the tallest building in the city.