Bank Of America Lead Anchor At 51-Story Tower On Chicago’s Waterfront
The agreement completes the next milestone in the highly-anticipated 51-story downtown building, company officials said. Bank of America has signed a lease to fill nearly 500,000 square feet at 110 North Wacker in support of their overall growth strategy and to improve office utilization. The lease accounts for approximately a third of the 1.35 million square-foot high-rise.
“Today Bank of America and the Howard Hughes Corporation are doubling down on the future we are building in Chicago,” Mayor Rahm Emanuel said. “This building will make Chicago’s skyline even more bright and our riverfront more vibrant, while creating economic opportunities in neighborhoods across the city.”
Zoning approval for the project includes a voluntary $19.6 million payment into the City's Neighborhood Opportunity Bonus system, which supports commercial projects in areas that need them on the city's South and West sides.
“Chicago has a vibrant and growing downtown, and being a part of this new building provides us with a great opportunity to continue our investment in the community and drive economic development,” said Paul Lambert, Bank of America’s Chicago Market President. “We are pleased to be the anchor tenant at the new building, which will enable us to co-locate our teams so they can have stronger collaboration to better serve our clients, while ensuring the continued responsible growth of our company.”
“The Howard Hughes Corporation is proud to be developing this important addition to the iconic Chicago skyline," said David R. Weinreb, CEO of The Howard Hughes Corporation. “As one of the largest financial companies in the world, Bank of America is an excellent tenant to anchor the building. Our opening is now set for late 2020, with construction expected to begin in the spring of 2018. With city approval and a meaningful portion of the building pre-leased, 110 Wacker is well on its way to becoming a reality.”
"110 N. Wacker will bring a marquee building to an underutilized site, enable unprecedented public access to the riverfront, and create new resources for neighborhood improvements downtown and across the city," Ald. Brendan Reilly said.
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