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  #421  
Old Posted Jun 15, 2017, 3:05 PM
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emathias emathias is offline
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Originally Posted by Kngkyle View Post
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I always thought the current proposal did a rather poor job at maximizing the sites potential. The tower itself only takes up 1/2 the space. The rest is wasted on a podium and some park space.
I agree. The building itself is nice enough, but the use of the space is very poor. I would much rather see the site used in halves, with the Court Place alleyway maintained. I'm surprised the City is willing to let that alley go. Alley's are important spaces and, IMHO, their use should be enhanced instead of removed. A more clever treatment of the entire site might create four buildings on the site, with the southernmost one addressing Washington or the Franklin/Washington corner, and similarly with the Randolph-facing side, but then the two center ones "facing" Court place, which could be converted to shared street style plaza with potential seating and sculptures. It could be all different uses, too. Maybe residential on Washington to synergize with the 200 W Washington condo building, commercial office space for the two buildings oriented to Court, and hotel on Randolph which could serve both business needs and the Randolph theatre and food scenes to the east and west, respectively. If they really wanted to be able to span the block, they could create a building with a tall arch-space over Court (I'm thinking 10+ stories high), which would look cool, enable large floorplates on upper floors, but preserve Court.

Improved landscaping of Court at the Wacker end could create a pleasant pedestrian passthrough and result in the kind of interesting, human-scaled public space that keep cities interesting. I'm thinking something comparable to Paternoster Square and pedestrian feeder alleys in London, or a mini version of the way Madrid's Calle de la Montera connects Gran Via with Puerta del Sol. During holiday seasons the space could have themed events or markets to liven up what is really one of the most boring parts of the Loop. With the General Growth building going away, the proximity of the cool public space associated with its replacement could end up turning the NW corner of the Loop area into one of the best parts, giving people something to walk over to from the west end of the Riverwalk.
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  #422  
Old Posted Jun 15, 2017, 3:44 PM
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headcase headcase is offline
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Originally Posted by Kngkyle View Post
The site is far too well located to sit vacant for another decade. Something will be built, it's just a question of what. The site is also huge.. they could easily build something - hotel/apartments/condos - on half of the site and still be able to build a 1m+ sqft office tower on the other half. I always thought the current proposal did a rather poor job at maximizing the sites potential. The tower itself only takes up 1/2 the space. The rest is wasted on a podium and some park space.
If I remember correctly, it's because the same developer or management company (or someone else) owns one of the buildings adjacent to the lowrise portion of the building, and they are preserving the views for that property.

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  #423  
Old Posted Jun 15, 2017, 4:12 PM
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Originally Posted by headcase View Post
If I remember correctly, it's because the same developer or management company (or someone else) owns one of the buildings adjacent to the lowrise portion of the building, and they are preserving the views for that property.

SSDD
Tishman is the developer of 130 N Franklin and the view they would be saving is 123 N Wacker which is owned by LaSalle Investment Management they would somewhat be saving views at 155 N Wacker and that is owned by John Buck
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  #424  
Old Posted Jun 26, 2017, 6:05 PM
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More office towers for Chicago

http://www.globest.com/sites/brianjr...ail&pt=Chicago


CHICAGO—Over the next year or so, landlords and developers in Chicago’s downtown office market will play very close attention to the amount of new space absorbed by users. Several class A towerswere recently opened, and if all that space gets quickly absorbed, it will almost certainly help push developers to launch additional projects that will transform the city’s skyline.

So far, the prospects for new development look promising. The overall vacancy rate in the market did tick up to 17.3% in the first quarter, an increase of 30 bps, according to a new market study by Newmark Grubb Knight Frank. But that boost was largely due to the delivery of 150 North Riverside during the quarter, and 444 W. Lake St. in the previous one, which added 2.4 million square feet of space to the inventory.

But demand for such trophy spaces has been strong. In the first quarter, users absorbed another 544,000 square feet of class A space. And companies from a diverse cross-section of industries continue to see the CBD as a desirable location.

“The demand is stronger today than we’ve seen it in the last eight quarters,” Bob Chodos, vice chairman of NGKF, tells GlobeSt.com, especially when it comes to healthcare, tech and law firms. “It’s exciting to see the number of tenants that are out looking for space.”

Bank of America, for example, plans to occupy about 500,000 square feet at 110 N. Wacker Dr., a proposed 51-story tower by Riverside Investment & Development and Howard Hughes that was recently approved by the Chicago Plan Commission. And many others have similar needs.

Researchers from NGKF recently found that, over the next few years, tenants needing a total of about 13 million square feet will test the Chicago market. “If I was a betting person, which I am, I would bet that in the next 18 months we will see another class A tower,” says Chodos.

chi-130 franklin (2)The vision for 130 N. Franklin, which will most likely be one of the next trophy office towers to break ground.
There are a number of options, he adds. Hines, the developer of 444 W. Lake, has a building pad at Wolf Point ready to go, and Tishman Speyer already has a design for a 1.1 million square foot tower at 130 N. Franklin. Another Fulton Market development on the scale of McDonald’snew headquarters also remains a possibility.

Beyond that, several windows of opportunity will open between 2021 and 2024, when the leases for several big players will expire. And as tenants this large typically begin their searches four or five years out, downtown developers will soon have to make important decisions.

Chodos believes the quick progress made at the newest trophy properties such as 444 W. Lake and 150 Riverside will boost these developers’ confidence. “These buildings have all opened substantially leased,” and the spaces opened up by these moves were also filled quickly.

Even buildings which opened in the trough of the recession, he points out, such as 353 N. Clark St. and 300 N. LaSalle, were occupied relatively quickly. The pair subsequently sold for the record-breaking prices of $715 million and $850 million, respectively.

That’s a sign of both the market’s tremendous vitality, and the disciplined approach taken by developers. “We haven’t experienced massive overbuilding.”
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