Ground broken On 55-Story Windy City Skyscraper
According to company officials, the groundbreaking marks an important milestone in the next stage of development of the 1.4 million square-foot, 55-story premier downtown building. More than thirty percent pre-leased to Bank of America, 110 North Wacker is a Howard Hughes Corporation and Riverside Investment and Development collaboration with the award-winning leasing, design and construction teams of CBRE, Goettsch Partners and Clark Construction.
"This is a milestone moment for everyone involved in bringing this dynamic building to life," said David R. Weinreb, CEO of The Howard Hughes Corporation. "Located on arguably the best remaining office site in the city, the building will offer an exceptional design with dynamic public space, and will soon leave its mark on the iconic Chicago skyline. A special thank you to all of the stakeholders involved, including the community leaders and elected officials who have been so central to making this building a reality."
"This project will create Chicago's tallest new office building in the last three decades, while making a record contribution to support neighborhood businesses throughout Chicago," said Chicago Mayor Rahm Emanuel. "Congratulations to The Howard Hughes Corporation, Bank of America, and the many partners who are helping to realize the exciting vision of 110 North Wacker."
The Class-A building, which is expected to be completed in the fourth quarter of 2020, will be set between the Chicago River and Wacker Drive. Designed by the Chicago-based, internationally acclaimed Goettsch Partners, the stepped west façade, trident columns at the base of the building and extended Riverwalk park will ensure a timeless stature in Chicago architecture, officials explained. The series of architectural setbacks creates fourteen corner-office opportunities per floor which, combined with open air on all four sides of the building, provide incredible views and daylight on all sides of every floor. The location, design and first-class amenities, including a state-of-the-art conference center and fitness facility, retail and dining, combine to deliver the ultimate opportunity in prestige, efficiency and office experience in downtown Chicago.
"We thank Mayor Rahm Emanuel, Alderman Brendan Reilly, the City of Chicago, our partners at Riverside and the rest of our excellent team, as well as our future tenants, for their support in helping us achieve this momentous occasion," said Paul Layne, President of the Central Region, The Howard Hughes Corporation. "We look forward to enhancing the neighborhood by delivering exceptional design, amenities, and public space for the community and office tenants to enjoy."
"We have recognized 110 North Wacker as one of the best development sites in the city for quite some time," said Riverside CEO John O'Donnell. "We are very fortunate to be working with The Howard Hughes Corporation and collaborating again with Goettsch Partners and Clark Construction on this project."
The groundbreaking follows the announcements of Bank of America and Lincoln International joining as tenants of 110 North Wacker. Bank of America is the first anchor tenant, leasing approximately 500,000 square feet—accounting for more than one-third of the building's space; Lincoln International is leasing approximately 60,000 square feet. Another milestone for 110 North Wacker was reached by securing a $495 million construction loan from Bank of America and JPMorgan Chase, along with an equity investment by USAA Real Estate.
"We are pleased to be the anchor tenant at 110 North Wacker, a building which 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 look forward to co-locating our teams in the heart of Chicago's vibrant and growing downtown, allowing for stronger collaboration with which to better serve our clients and ensure responsible growth of our company."
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