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  #981  
Old Posted Dec 20, 2017, 4:51 PM
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KWillChicago KWillChicago is offline
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I don’t know about Amazon, but perhaps some other large tenant
I'm looking at you Uber.
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  #982  
Old Posted Dec 20, 2017, 8:35 PM
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JP Morgan definitely wouldn't do this without pre-leasing. But that doesn't mean the building already has tenants lined up... it just means JP Morgan wouldn't fund until a certain percentage of the building is under lease.
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  #983  
Old Posted Dec 20, 2017, 9:34 PM
LouisVanDerWright LouisVanDerWright is offline
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I'm looking at you Walgreens...
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  #984  
Old Posted Dec 21, 2017, 12:05 AM
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Hoping this means they landed a tenant who will lease a lot of space
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  #985  
Old Posted Dec 28, 2017, 12:21 PM
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How big of a roadbump is this lawsuit going to cause?

http://www.chicagotribune.com/busine...228-story.html

Last edited by KWillChicago; Dec 28, 2017 at 1:44 PM.
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  #986  
Old Posted Dec 28, 2017, 2:18 PM
the urban politician the urban politician is offline
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How big of a roadbump is this lawsuit going to cause?

http://www.chicagotribune.com/busine...228-story.html
None
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  #987  
Old Posted Dec 28, 2017, 3:25 PM
LouisVanDerWright LouisVanDerWright is offline
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None considering the subs are the ones getting blasted by OSHA, not the owners or even the GC. Also:

$225,000 / $500,000,000 = 0.045%

And that's just on the total construction costs, not including acquisition costs of the building. Two hundred grand might sound like a lot to the average person, but it's not even a blip on the radar for a project of this size.
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  #988  
Old Posted Dec 28, 2017, 5:02 PM
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I'm looking at you Walgreens...
I thought that ship had sailed.
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  #989  
Old Posted Jan 16, 2018, 5:13 AM
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So, 601W Companies who owns the Old Post Office bought the parking lot on Clinton between Harrison and Congress - just to the west of the Holiday Inn which is across from Old Post Office. They bought this for $10M on 12/5.

https://www.google.com/maps/place/52...!4d-87.6404979

I know that Old Post Office had the option for other land when they pitched to Amaon, but were they going to purchase it no matter if they had a potential client or not?
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  #990  
Old Posted Jan 16, 2018, 6:06 AM
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Didn't Davies own that land as well? I'm not sure when 601W purchased the post office, but maybe they deferred purchase of the outlots until the main building reached a certain stage.
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  #991  
Old Posted Jan 16, 2018, 2:01 PM
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527 S Clinton LLC owned it since at least 2007. I don't think that's Davies, but I could be mistaken.
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  #992  
Old Posted Jan 16, 2018, 3:30 PM
Jim in Chicago Jim in Chicago is offline
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Didn't Davies own that land as well? I'm not sure when 601W purchased the post office, but maybe they deferred purchase of the outlots until the main building reached a certain stage.
Who owns the Holiday Inn building and/or the land it sits on? That isn't exactly a prime development.
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  #993  
Old Posted Jan 16, 2018, 3:32 PM
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Who owns the Holiday Inn building and/or the land it sits on? That isn't exactly a prime development.
I believe Westloop Equities owns it
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  #994  
Old Posted Jan 16, 2018, 10:27 PM
Jim in Chicago Jim in Chicago is offline
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527 S Clinton LLC owned it since at least 2007. I don't think that's Davies, but I could be mistaken.
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I believe Westloop Equities owns it
In googling Westloop Equities I found links to a long-standing legal battle between 527 S. Clinton and Westloop Equities over an easement for what I think is the parking lot that was just sold.
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  #995  
Old Posted Jan 16, 2018, 11:32 PM
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In googling Westloop Equities I found links to a long-standing legal battle between 527 S. Clinton and Westloop Equities over an easement for what I think is the parking lot that was just sold.
Found that too. I'm wondering if that hotel would consider selling to 601W - I'm sure you could build a sizable tower on half that lot, but the entire lot could yield a really big tower or two. It looks like 601W pretty much was able to buy half of that block - minus the hotel and the small building with Don Fresco in it. Everything else is now theirs.

I know that 601W said they could develop on adjacent land, so I'm just wondering if purchasing a lot like they just did was always part of the plan regardless, or if it was more of a conditional thing that they'd buy the lot of land if they had a legitimate interest/signing.

If it's conditional then this gets really, really interesting, otherwise it's just business as usual.
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Last edited by marothisu; Jan 16, 2018 at 11:49 PM.
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  #996  
Old Posted Jan 16, 2018, 11:57 PM
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Found that too. I'm wondering if that hotel would consider selling to 601W - I'm sure you could build a sizable tower on half that lot, but the entire lot could yield a really big tower or two. It looks like 601W pretty much was able to buy half of that block - minus the hotel and the small building with Don Fresco in it. Everything else is now theirs.

I know that 601W said they could develop on adjacent land, so I'm just wondering if purchasing a lot like they just did was always part of the plan regardless, or if it was more of a conditional thing that they'd buy the lot of land if they had a legitimate interest/signing.

If it's conditional then this gets really, really interesting, otherwise it's just business as usual.
There is much interesting here with the Old Post Office project, really.

I am still intrigued that while other developments need an anchor tenant, this project landed $500 million in financing from one of the nation’s premier lenders despite no major announcements. That’s not just a vote of confidence, that’s SCREAMING to the world that something really legit is happening here.

I’m not necessarily saying it’s Amazon, but something is going on behind the scenes.
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  #997  
Old Posted Jan 17, 2018, 12:12 AM
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There is much interesting here with the Old Post Office project, really.

I am still intrigued that while other developments need an anchor tenant, this project landed $500 million in financing from one of the nation’s premier lenders despite no major announcements. That’s not just a vote of confidence, that’s SCREAMING to the world that something really legit is happening here.

I’m not necessarily saying it’s Amazon, but something is going on behind the scenes.
Yeah - I think the loan is very interesting for sure. You don't usually land a loan that big unless you can show you have something legit. That's a bit of money - the last thing anybody would want to do is have to make up for the $500M + interest you couldn't pay back.

Obviously I hope it's Amazon, but I would be just as happy with a major HQ relocation type of announcement here too.
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  #998  
Old Posted Jan 17, 2018, 12:16 AM
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I've heard rumors of Walgreens and United Airlines taking space in the OPO.
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  #999  
Old Posted Jan 17, 2018, 12:25 AM
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^ Walgreens AND United, from who?
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  #1000  
Old Posted Jan 17, 2018, 12:30 AM
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I've heard rumors of Walgreens and United Airlines taking space in the OPO.


Come on. Those must be some really bad sources.

And I have to say, I will be pissed beyond belief if all of this was for fucking United Airlines...
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