Developers court large companies to anchor new office buildings
Goal is to resurrect West Loop projects that fell victim to credit crisis
By Alejandra Cancino, Tribune reporter
July 15, 2011
Developers are dusting off office building models and brochures with an eye toward finding the right tenants to resurrect West Loop projects that were put on hold two years ago amid the credit crisis...
...A case in point is Hines Interests LP's project at 444 W. Lake St., also known as River Point. In 2008, Hines pre-leased about two-thirds of the 52-story building to investment firm William Blair & Co. and law firm Baker & McKenzie. Both deals fell through when Hines couldn't obtain financing, and the proposed 1.1 million-square-foot building was put on hold...
Now, as the economy recovers in fits and starts, a version of the project seems to have a second chance.
Van Schaack said it could be pared to 40 stories.
Scaling back would make it easier to meet the pre-leasing threshold to secure financing...