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  #741  
Old Posted Feb 27, 2009, 12:42 AM
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I really like this building and feel that it will fit in well with the skyline.
     
     
  #742  
Old Posted Mar 4, 2009, 1:07 PM
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Quote:
http://www.suntimes.com/business/roe...eder04.article

A new brush with history
REAL ESTATE |
Talk of Sears Tower makeover creates big buzz
Recommend Comments

March 4, 2009

DAVID ROEDER droeder@suntimes.com

.........SCRATCHING THE NICHE: Developer Steven Fifield's faith in the West Loop has paid off handsomely. Since 2000, he's put up four office buildings on Clinton or Jefferson streets. Despite the seized-up credit markets, Fifield said he's tantalizingly close to starting a fifth, 26 stories and 406,000 square feet at 601 W. Monroe, the southwest corner of Monroe and Jefferson. DeStefano & Partners designed the building.
Fifield said two insurance firms are willing to fund a $90 million construction loan if he can secure leases for at least 180,000 square feet. That means finding one or two anchor tenants looking for a new home around 2011 and Fifield can break ground this year.

Fifield said one possible signee is the law firm Baker & McKenzie, currently committed to a proposed 50-story tower at Lake and Canal that is stuck in credit limbo. If Fifield snatched Baker, it probably would kill the project pushed by Hines Interests LP.
..
     
     
  #743  
Old Posted Mar 4, 2009, 2:52 PM
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http://www.chicagorealestatedaily.co...ws.pl?id=33191

Hines misses financing deadline for proposed tower
By Thomas A. Corfman, March 04, 2009


Hines Interests L.P. has missed a deadline imposed by William Blair & Co. LLC to get construction financing for a $536-million skyscraper to be anchored by the investment firm, intensifying doubts that the riverfront tower will be built.

A joint venture led by Houston-based Hines still has a 30-day grace period to arrange financing. But the firm now risks breaking the lease and being forced to pay Chicago-based Blair a hefty, multimillion-dollar penalty.

Meanwhile, the two sides are discussing Hines’ request for a 90-day extension of the financing deadline, according to sources familiar with the talks.
     
     
  #744  
Old Posted Mar 4, 2009, 2:56 PM
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Not looking good here guys...

I can't remember a recent, major downtown project that has emerged successfully once it has gone to the brink like this one has..
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  #745  
Old Posted Mar 4, 2009, 3:50 PM
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601 w monroe looks like the kind of building we'll see in a downturn like this. catching the overflow from glitzier projects that get killed off
     
     
  #746  
Old Posted Mar 4, 2009, 3:52 PM
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this sucks when even a solid project with future tennants like this doesnt get a loan. I dont see any new larger towers coming to Chicago for a while now and no continuation for the Spire and Waterview. This Crisis is getting annoying
     
     
  #747  
Old Posted Mar 4, 2009, 4:11 PM
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* posts deleted *

i'd just like to remind everyone that this is not the proper thread to debate the merits of the economic stimuls bill.
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  #748  
Old Posted Mar 4, 2009, 5:17 PM
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man this sucks...We cant seem to win now!...tower is 60% occupied and these damn banks wont loan nothing...i mean it really is just impossible for any substantial project to do anything when the banks are not budging
     
     
  #749  
Old Posted Mar 4, 2009, 5:22 PM
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Originally Posted by chicubs111 View Post
man this sucks...We cant seem to win now!...tower is 60% occupied and these damn banks wont loan nothing...i mean it really is just impossible for any substantial project to do anything when the banks are not budging
and hines is an established and proven developer; they aren't some fly-by-night operation whom no one will take a risk on, they're a known quantity to the finance world. the fact that they can't even get money for a 60% pre-leased tower really does spell some bad news for commerical office development in chicago. perhaps 20-story fifield crap-boxes are the wave of the future.
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  #750  
Old Posted Mar 5, 2009, 8:55 PM
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I heard today from a realestate professional that this project is really close to dead...that the property may be on the market soon...unless a miracle happens and they pull financing very, very soon. I hope the guy is full of crap...it's a nice tower and would be great for that site.
     
     
  #751  
Old Posted Mar 7, 2009, 3:43 AM
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I doubt that in this environment Hines actually wants to go on with this project, even if it could. So that pointing at unnamed recalcitrant banks is a rational strategy here.
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  #752  
Old Posted Mar 18, 2009, 5:09 PM
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Hines, Blair Kill 444 Deal

(Crain's) — William Blair & Co. won’t be moving to a proposed riverfront office tower. Developer Hines Interests L.P. said Wednesday it worked out a “mutual termination” of Blair’s lease to anchor a skyscraper proposed for a site along the Chicago River.

http://www.chicagorealestatedaily.co...ws.pl?id=33366
     
     
  #753  
Old Posted Mar 18, 2009, 5:15 PM
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^ YAY! 20-story Fifield crap-boxes for everyone!
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  #754  
Old Posted Mar 18, 2009, 5:40 PM
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News lately just goes from worse to worst. I would have bet everything that this tower was a done deal. Never would I have thought that it would be cancelled. Things just suck around here lately.
     
     
  #755  
Old Posted Mar 18, 2009, 5:46 PM
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^^ REALLY suck! I know I've said it before and Steely has, and others, but when Hines can't get financing, then commercial real estate development with large scale interesting buildings is dead for the forseeable future.
     
     
  #756  
Old Posted Mar 18, 2009, 8:48 PM
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Quote:
Originally Posted by Steely Dan View Post
^ YAY! 20-story Fifield crap-boxes for everyone!
I doubt Blair would move to a Fifield crapbox. They're looking to co-anchor a trophy tower - the antithesis of a Fifield west loop box, which serves a useful if unglamorous function as barebones leasable space. My hunch is that they are probably limited in their geographic search to something along Wacker, LaSalle, or the River.
     
     
  #757  
Old Posted Mar 18, 2009, 9:01 PM
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^ sorry, it was law firm Baker & McKenzie that Fifield was trying to lure from 444 w lake. i get law firms mixed up all the time.

with this project appearing to be dead i the water now, Baker & McKenzie may very well get their Fifield crap-box. wherever blair ends up, it isn't going to be glamorous new construction. as woodrow said, if hines can't get money for a marquee project on a prime piece of river front property with big name anchor tenants already signed on, then nobody can.
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  #758  
Old Posted Mar 18, 2009, 10:34 PM
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Are there examples or photos of said "Fifield Crap Boxes" somewhere?
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  #759  
Old Posted Mar 19, 2009, 12:38 AM
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  #760  
Old Posted Mar 19, 2009, 8:07 PM
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^ wow, thanks for the thorough answering of that question, spyguy. i can see why steely speaks of fifield with such disdain. how could someone be so boring? I guess "slow and steady finishes the race", but dammit, take some pride in your work!
     
     
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