{"id":1004057967,"date":"2013-01-18T10:49:14","date_gmt":"2013-01-18T18:49:14","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=95760"},"modified":"2020-04-06T07:08:40","modified_gmt":"2020-04-06T15:08:40","slug":"construction-begins-on-45-story-west-loop-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/","title":{"rendered":"Construction Begins on 45-Story West Loop Office Tower"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Veronica Grecu, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/444-West-Lake.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-95767\" title=\"444 West Lake\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/444-West-Lake.jpg\" alt=\"\" width=\"199\" height=\"300\" \/><\/a>Chicago\u2019s largest commercial real estate project in five years kicked off on January 15 in a $400 million joint venture between Canada-based Ivanho\u00e9 Cambridge\u2014the real estate arm of Quebec pension fund manager Caisse de d\u00e9p\u00f4t et placement du Qu\u00e9bec, developer Hines of Houston and local business leader Larry Levy. An earlier report on the story by <em><a href=\"https:\/\/www.perenews.com\/\" target=\"_blank\" rel=\"nofollow\">PERE News<\/a> <\/em>revealed that the Canadian real estate investment company secured 75 percent of the capital, while Hines covered the remaining $100 million.<\/p>\n<p style=\"text-align: justify;\">The 45-story River Point tower is under development at 444 West Lake Street in the West Loop, Chicago\u2019s financial district, on a parcel owned by Larry Levy. Designed by prominent architectural firm Pickard Chilton, the Class A office tower will include 900,000 square feet of leasable office space ready for delivery in 2016. According to a press release from Ivanho\u00e9 Cambridge, the building is pre-certified LEED Gold by the U.S. Green Building Council.<\/p>\n<p style=\"text-align: justify;\">Additionally, the project includes a 1.5-acre public park that will be developed on top of the existing rail infrastructure to encourage pedestrian activity along the Chicago River.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/444-West-Lake-public-park.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft  wp-image-95768\" title=\"444 West Lake public park\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/444-West-Lake-public-park.jpg\" alt=\"\" width=\"240\" height=\"198\" \/><\/a>&#8220;River Point will be a striking addition to Chicago&#8217;s skyline and the first in a new generation of office buildings.\u00a0 There is significant interest from major corporate tenants,&#8221; said C. Kevin Shannahan, CEO of Hines&#8217; Midwest and Southeast regions, at the groundbreaking ceremony.<\/p>\n<p style=\"text-align: justify;\">According to Mayor Rahm Emanuel\u2019s press office, the project will create around 1,000 construction jobs and house 3,400 permanent office jobs.<\/p>\n<p style=\"text-align: justify;\">Two days after groundbreaking, River Point landed an anchor tenant, <em><a href=\"https:\/\/www.chicagorealestatedaily.com\/\" target=\"_blank\" rel=\"nofollow\">Crain\u2019s Chicago Business<\/a> <\/em>reports. While developer Hine is still on the hunt for tenants, law firm McDermott Will &amp; Emery LLP\u2014the fifth-largest firm in Chicago\u2014signed a letter of intent to lease 225,000 square feet of space in the tower. If the deal is closed, McDermott is expected to relocate its offices at 227 West Monroe St. in 2017, when its current lease expires.<\/p>\n<h6 style=\"text-align: justify;\"><em>Renderings of River Point via Pickard Chilton Architecture<\/em><\/h6>\n<p>For more market data from Chicago, <a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-chicago-sees-largest-payroll-expansion-since-financial-crisis\/1004065001.html\" target=\"_blank\" rel=\"nofollow\">click here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chicago&rsquo;s largest commercial real estate project in five years kicked off on January 15 in a $400 million joint venture between Canada-based Ivanho&eacute; Cambridge&mdash;the real estate arm of Quebec pension fund manager Caisse de d&eacute;p&ocirc;t et placement du Qu&eacute;bec, developer Hines of Houston and local business leader Larry Levy.<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21742],"tags":[1815],"class_list":["post-1004057967","post","type-post","status-publish","format-standard","hentry","category-chicago","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Construction Begins on 45-Story West Loop Office Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Construction Begins on 45-Story West Loop Office Tower\" \/>\n<meta property=\"og:description\" content=\"Chicago&rsquo;s largest commercial real estate project in five years kicked off on January 15 in a $400 million joint venture between Canada-based Ivanho&eacute; Cambridge&mdash;the real estate arm of Quebec pension fund manager Caisse de d&eacute;p&ocirc;t et placement du Qu&eacute;bec, developer Hines of Houston and local business leader Larry Levy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-01-18T18:49:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-06T15:08:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/444-West-Lake.jpg\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@VeraGrecu\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/\",\"name\":\"Construction Begins on 45-Story West Loop Office Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/444-West-Lake.jpg\",\"datePublished\":\"2013-01-18T18:49:14+00:00\",\"dateModified\":\"2020-04-06T15:08:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/e8362e8641769829162f16fe58091f62\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/#primaryimage\",\"url\":\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/444-West-Lake.jpg\",\"contentUrl\":\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/444-West-Lake.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Construction Begins on 45-Story West Loop Office Tower\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/e8362e8641769829162f16fe58091f62\",\"name\":\"Veronica Grecu\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Veronica_Grecu.jpg?w=93\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Veronica_Grecu.jpg?w=93\",\"caption\":\"Veronica Grecu\"},\"description\":\"Veronica Grecu is a senior creative writer and researcher for RentCafe. With more than 10 years of experience in the real estate industry, she covers a variety of topics in residential and commercial real estate, including trends and industry news. Previously, she was involved in producing content for Multi-Housing News, Commercial Property Executive and Yardi Matrix. Veronica\u2019s academic background includes a B.A. in Applied Modern Languages and an M.A. in Advertising and PR.\",\"sameAs\":[\"https:\/\/x.com\/@VeraGrecu\"],\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/veronica\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Construction Begins on 45-Story West Loop Office Tower - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/","og_locale":"en_US","og_type":"article","og_title":"Construction Begins on 45-Story West Loop Office Tower","og_description":"Chicago&rsquo;s largest commercial real estate project in five years kicked off on January 15 in a $400 million joint venture between Canada-based Ivanho&eacute; Cambridge&mdash;the real estate arm of Quebec pension fund manager Caisse de d&eacute;p&ocirc;t et placement du Qu&eacute;bec, developer Hines of Houston and local business leader Larry Levy.","og_url":"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2013-01-18T18:49:14+00:00","article_modified_time":"2020-04-06T15:08:40+00:00","og_image":[{"url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/444-West-Lake.jpg","type":"","width":"","height":""}],"author":"Veronica Grecu","twitter_card":"summary_large_image","twitter_creator":"@VeraGrecu","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/","url":"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/","name":"Construction Begins on 45-Story West Loop Office Tower - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/444-West-Lake.jpg","datePublished":"2013-01-18T18:49:14+00:00","dateModified":"2020-04-06T15:08:40+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/e8362e8641769829162f16fe58091f62"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/#primaryimage","url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/444-West-Lake.jpg","contentUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/444-West-Lake.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/construction-begins-on-45-story-west-loop-office-tower\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Construction Begins on 45-Story West Loop Office Tower"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/e8362e8641769829162f16fe58091f62","name":"Veronica Grecu","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Veronica_Grecu.jpg?w=93","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Veronica_Grecu.jpg?w=93","caption":"Veronica Grecu"},"description":"Veronica Grecu is a senior creative writer and researcher for RentCafe. With more than 10 years of experience in the real estate industry, she covers a variety of topics in residential and commercial real estate, including trends and industry news. Previously, she was involved in producing content for Multi-Housing News, Commercial Property Executive and Yardi Matrix. Veronica\u2019s academic background includes a B.A. in Applied Modern Languages and an M.A. in Advertising and PR.","sameAs":["https:\/\/x.com\/@VeraGrecu"],"url":"https:\/\/www.commercialsearch.com\/news\/author\/veronica\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004057967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/258"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004057967"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004057967\/revisions"}],"predecessor-version":[{"id":1004409829,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004057967\/revisions\/1004409829"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004057967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004057967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004057967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}