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  #161  
Old Posted Jun 29, 2022, 3:56 PM
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  #162  
Old Posted Jun 29, 2022, 4:39 PM
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Originally Posted by ardecila View Post
That's what I'm wondering, maybe Google is just looking to park cash in urban real estate at a time when other kinds of investments are not looking good.

Last I heard, they were fully committed to expanding in Fulton Market, either with Sterling Bay or another developer. If they're anything like Amazon in Seattle, they don't need their buildings to be connected or directly adjacent, but they need to be within walking distance of each other, not a mile apart.
Here are some details



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The Mountain View, California-based tech giant is seeking to buy the Helmut Jahn-designed building at 100 W. Randolph St., where it plans to expand its Chicago offices into a large portion of the 17-story building’s soon-to-be-renovated office space, according to people familiar with the deal.
Quote:
It’s not known whether the Chicago developer, led by Chairman and CEO Mike Reschke, will flip the 1.2 million-square-foot structure to Google when Prime Group’s purchase is completed sometime this year or if Reschke will carry out his redevelopment plan for Google.
Quote:
It’s unclear how Google’s deal to buy the building would affect that agreement, which calls for 1,300 state employees to be based in the renovated space. The price also could not be determined.

The deal is not done yet and could change. Reschke declined to comment on Google’s plans. A Google spokesperson pointed to a Chicago workforce of nearly 2,000 people and said that the company will “explore opportunities to ensure our physical space meets the needs of local Googlers.”
Quote:
In April, just after Google parent Alphabet announced plans to invest $9.5 billion this year in office space and data centers, CoStar News reported that Google plans to add a large block of office space in Fulton Market.

Google has yet to publicly confirm plans for the Fulton Market expansion. The latest space, expected to be 200,000 square feet or more in the 16-story Fulton Labs building at 400 N. Aberdeen St., will continue the firm’s growth in the former meatpacking district.
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  #163  
Old Posted Jun 29, 2022, 6:44 PM
west-town-brad west-town-brad is offline
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Originally Posted by Handro View Post

Unless I'm misreading this totally. Does Google have a RE arm now?
the linked articles does state that this would be google office space, but google does have a significant investment operation and they lend their cash on hand (the billions of it) for things like car loans and credit cards.
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  #164  
Old Posted Jun 29, 2022, 7:38 PM
marothisu marothisu is offline
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Crains has a story in it now saying Google is looking to hire 1000 more people in Chicago. They are running out of space in Fulton Market and looking to buy some space downtown around LaSalle including Thompson Center and former B of A building at 135 S LaSalle.
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  #165  
Old Posted Jun 29, 2022, 8:05 PM
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Originally Posted by marothisu View Post
Crains has a story in it now saying Google is looking to hire 1000 more people in Chicago. They are running out of space in Fulton Market and looking to buy some space downtown around LaSalle including Thompson Center and former B of A building at 135 S LaSalle.
This is Exhibit A of why I’ve been skeptical of the “CBDs are over” chatter.

Sure, there’s a few historically significant dinosaurs in the Loop that are only suitable for residential conversion. But the Loop is simply the best neighborhood for scaling up quickly and handling large workforces.
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  #166  
Old Posted Jun 29, 2022, 8:20 PM
marothisu marothisu is offline
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Originally Posted by galleyfox View Post
This is Exhibit A of why I’ve been skeptical of the “CBDs are over” chatter.

Sure, there’s a few historically significant dinosaurs in the Loop that are only suitable for residential conversion. But the Loop is simply the best neighborhood for scaling up quickly and handling large workforces.
Oh yeah. Depends on the building but definitely faster to scale up at times than building a completely new building. The Loop has the bones to actually be something cooler. Not that Midtown Manhattan is cool but I think The Loop could be better if it had more variety like there. Basically all you need is Google to go in there with like 500+ well paid employees and voila.

I've been working downtown mostly since last fall and there's definitely way more activity now down there than 5 or 6 months ago. It feels like something again - definitely way more people there. I always enjoy reading these stupid comments about how people are afraid to come to The Loop and nobody is there. Seems like those people haven't been downtown since December or January.


Google's shopping for more office space—and not just in Fulton Market

https://www.chicagobusiness.com/comm...e-office-space

Quote:
Google plans to add 1,000 jobs in Chicago in the next few years and is looking for more office space to accommodate them in a surprising location: LaSalle Street.

The tech giant is fast running out of space at its two buildings in the Fulton Market District and recently has been looking at buildings on LaSalle Street, including the James R. Thompson Center and the former Bank of America building at 135 S. LaSalle St., real estate sources and other people familiar with the company’s plans say.

If it proceeds with a deal, Google, which helped transform Fulton Market from a grungy meatpacking district into the city’s hottest neighborhood for commercial real estate and corporate HQs, would become the savior of LaSalle Street, a corridor famous as home to Chicago’s financial district that has become synonymous with post-COVID office vacancies. Much like it did in Fulton Market, Google could help draw companies to the central Loop.

Google grew throughout the pandemic and now has more than 1,800 Chicago employees, up from about 1,200 at the beginning of 2020. It’s looking to add 1,000 employees over the next two years and is working toward making a decision on its next office around Labor Day, says a source familiar with its plans.

..

“Chicago continues to be an important and growing hub for Google here in the Midwest,” a Google spokeswoman said in an e-mail. “What started as a two-person outpost in River North has expanded to a two-building campus that’s home to nearly 2,000 employees in Fulton Market. As Google grows in Chicago, we'll continue to explore opportunities to ensure our physical space meets the needs of local Googlers.”

..

CoStar News reported yesterday that Google is in talks to purchase the Thompson Center, suggesting Reschke could subsequently resell the property to the company or redevelop it for Google.

..

Reschke denied he is in any such discussion with Google. He said he would happily welcome Google to LaSalle Street if the company is hunting for more office space, but that "the only sale (the state) is working on is the sale to me," Reschke said, adding that he is not having any discussions to subsequently sell the building to Google. "We're moving forward with the deal that has been publicly announced."

But Gov. J.B. Pritzker told Crain’s today: “I’m excited that Google appears to be expanding its presence and its jobs in Chicago.” Asked directly if that expansion might involve the purchase of the Thompson Center, he would say only, “That’s not something I can talk about. . . .I’m not at liberty to talk about it.”

..

But Google could try to inject itself into the deal by purchasing the Thompson Center for its own use and finding a different destination for the state's offices. A source familiar with the discussions said one option could be the LaSalle Street property that BMO Harris Bank is vacating at 115 S. LaSalle St., which Reschke is also nearing a deal to buy.

Google has been willing to spend big on buildings and neighborhoods that are on the rebound and have great infrastructure, as it did in New York.
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  #167  
Old Posted Jun 29, 2022, 8:22 PM
Chisouthside Chisouthside is offline
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Originally Posted by marothisu View Post
Oh yeah. Depends on the building but definitely faster to scale up at times than building a completely new building. The Loop has the bones to actually be something cooler. Not that Midtown Manhattan is cool but I think The Loop could be better if it had more variety like there. Basically all you need is Google to go in there with like 500+ well paid employees and voila.

I've been working downtown mostly since last fall and there's definitely way more activity now down there than 5 or 6 months ago. It feels like something again - definitely way more people there. I always enjoy reading these stupid comments about how people are afraid to come to The Loop and nobody is there. Seems like those people haven't been downtown since December or January.
Walked to the Prudential today for lunch and it was nice seeing a combo of tourists and office workers all strolling around.
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  #168  
Old Posted Jun 29, 2022, 8:27 PM
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Walked to the Prudential today for lunch and it was nice seeing a combo of tourists and office workers all strolling around.
I'm convinced that at least 75% of the people who shitpost about Chicago online don't actually live here or haven't been to whatever areas they're talking crap about for 2 years.
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  #169  
Old Posted Jun 29, 2022, 8:41 PM
BuildThemTaller BuildThemTaller is online now
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Originally Posted by marothisu View Post
I'm convinced that at least 75% of the people who shitpost about Chicago online don't actually live here or haven't been to whatever areas they're talking crap about for 2 years.
You are describing John Kass and his readers/supporters to a T.
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  #170  
Old Posted Jun 29, 2022, 8:49 PM
thegoatman thegoatman is online now
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Originally Posted by marothisu View Post
I'm convinced that at least 75% of the people who shitpost about Chicago online don't actually live here or haven't been to whatever areas they're talking crap about for 2 years.
Most live in Indiana. I mean there's nothing better else to do out there in that wasteland so I get it.
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  #171  
Old Posted Jun 29, 2022, 8:50 PM
thegoatman thegoatman is online now
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Originally Posted by BuildThemTaller View Post
You are describing John Kass and his readers/supporters to a T.
John Kass lives in Indiana lol
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  #172  
Old Posted Jun 29, 2022, 9:03 PM
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Originally Posted by thegoatman View Post
Most live in Indiana. I mean there's nothing better else to do out there in that wasteland so I get it.
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Originally Posted by thegoatman View Post
John Kass lives in Indiana lol
It's actually insane. There are groups on Facebook that will have comments like "I moved away from Chicago in 1965 and haven't been back sense. OMG it's such a bad city now."


The Loop part is funny. There's definitely way more people downtown working now and at least during those hours at least it doesn't feel any more dangerous than say 2015. Back in November, December, etc it didn't feel like that either but way less people than now. I think people confused their feelings of safety sometimes with less people on the streets. I do think it's vital for these areas to be active again. Kind of a hard balance between knowing that a lot of people don't have to work in the office all the time to get work done vs. knowing that these areas need to stay vital still (and residential conversions may take awhile so...).
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  #173  
Old Posted Jun 30, 2022, 2:43 AM
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Love it! I was indifferent to this building as I always thought it would be some cheap renovation. Keep it going Chicago!
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  #174  
Old Posted Jun 30, 2022, 6:26 PM
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Originally Posted by galleyfox View Post
Here are some details
- Reschke says his deal with the state is still active and he does not have a deal to flip to Google.

- Google says they are exploring multiple downtown properties, not just the Thompson Center

- The state (Gov. Pritzker) won't comment.


My guess is that Ryan Ori heard a rumor and decided to publish a story without full confirmation. Maybe Google ends up buying JRTC from the state or from Reschke, but there is not a deal struck yet.
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  #175  
Old Posted Jun 30, 2022, 6:58 PM
marothisu marothisu is offline
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Originally Posted by ardecila View Post
- Reschke says his deal with the state is still active and he does not have a deal to flip to Google.

- Google says they are exploring multiple downtown properties, not just the Thompson Center

- The state (Gov. Pritzker) won't comment.


My guess is that Ryan Ori heard a rumor and decided to publish a story without full confirmation. Maybe Google ends up buying JRTC from the state or from Reschke, but there is not a deal struck yet.
Sounds about right. Google's response is telling tho. They just said oh..we are hiring 1000 more and need more space. They never denied that they're probing these buildings for purchase and never denied trying to have a new office in The Loop.
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  #176  
Old Posted Jun 30, 2022, 7:34 PM
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Originally Posted by ardecila View Post
Maybe Google ends up buying JRTC from the state or from Reschke, but there is not a deal struck yet.
Correct. The initial CoStar report says as much. "The deal is not done yet and could change."
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  #177  
Old Posted Jun 30, 2022, 8:11 PM
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The interesting thing to me about this rumor is that, if the goal is to have something that allows them to quickly scale up, why go with a property that needs extensive renovations? This city is filled with sub-leasable space that could meet their needs. If they do go this route, the ability to scale quickly may be less important than getting an iconic building.
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  #178  
Old Posted Jun 30, 2022, 8:40 PM
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This is the catalyst needed to revive LaSalle. Regardless of whether Google buys the Thompson Center or one of the other mammoths on LaSalle this is game-changing news for the street if it actually happens.

Fantastic news.
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  #179  
Old Posted Jun 30, 2022, 9:39 PM
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GOOG will probably make a splashy headline about it being their new hi tech retail experience or integrated retail work transit hub and drone base to cheering fans but it will really be the heart of their new dystopian surveillance net. You can't escape it. Don't even try.
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  #180  
Old Posted Jun 30, 2022, 9:44 PM
marothisu marothisu is offline
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Originally Posted by upupaway007 View Post
The interesting thing to me about this rumor is that, if the goal is to have something that allows them to quickly scale up, why go with a property that needs extensive renovations? This city is filled with sub-leasable space that could meet their needs. If they do go this route, the ability to scale quickly may be less important than getting an iconic building.
Because there are specific requirements that they have that may not fit that bill. At the end of the day, working remotely in that period of time or figuring out how to utilize the existing space with hybrid approach may work better.

Or they could do what you are saying but temporarily. Companies like Google with a lot of money aren't typically going to go with a cookie cutter office layout. They have specific requirements but cookie cutter could absolutely be an interim solution until a build out is complete.

My company did this while building out a new NYC space. We went into an older building that wasn't great but we could still work. A year later when renovations were done we moved to the new office.
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