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Freeborn and Peters Drops Out as One Anchor
As reported yesterday in Crain's, Freeborn and Peters has backed-out as one of the anchors. Somewhat strange in that one would figure once a large tenant has made up their mind that this is the type of modern and efficient space and building they want to move into for the long-term, they would do a complete 180 and opt to stay in much, much different type of space at 311 Wacker (neither modern nor efficient)..........I'd be shocked if anything less than a significant outright rent reduction (in the context of a solidly increasing overall market rent) would have been enough to convince Freeborn to stay there.....(unless of course there's something up at Freeborn as a firm that wasn't indicated in article or generally known at least outside of legal industry circles)
At any rate, most important with respect to 151 Franklin, Buck stressed at least in the article yesterday that they are moving forward (with what I think looks like no more than potentially up to a few months of delay in schedule) with the tower and Hinshaw as anchor tenant, due to file for demolition permits today, and with construction commencing either late this year or very early next, for completion by year-end 2017.....
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It's simple, really - try not to design or build trash.
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