Quote:
Originally Posted by Vlajos
It has to be very close to 50%. Why is Salesforce looking for so much space here?
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They would probably need to pre-lease at least 50% of the building to kick off the project and there are only a couple tenants of that size in the market.
And with Post Office bringing 2.4M SF online in a year, it's pretty tough to justify another 1M SF new development without an anchor tenant of that size.
Salesforce might look at the middle Wolf Point building too. I am not sure when their lease expires at 111 W Illinois but it's probably around 4-6 years from now. They want high visibility top-of-building signage too, and the mayor's office doesn't give that up unless you take more than 500,000 SF or are a headquarters location.