{"id":1004175603,"date":"2017-05-08T04:04:47","date_gmt":"2017-05-08T12:04:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004175603"},"modified":"2020-05-18T16:44:40","modified_gmt":"2020-05-19T00:44:40","slug":"bofa-to-anchor-new-tower-in-chicagos-west-loop","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bofa-to-anchor-new-tower-in-chicagos-west-loop\/","title":{"rendered":"BofA to Anchor Tower in Chicago\u2019s West Loop"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/p>\n

Bank of America Corp. will be the lead anchor tenant at 110 N. Wacker Drive, a 51-story, Class A office building to be built on the river in downtown Chicago by The Howard Hughes Corp. and joint venture partner Riverside Investment & Development.<\/p>\n

BofA will take almost 500,000 square feet, or more than a third of the total 1.4 million square feet. JLL represented BofA in the deal, while CBRE represented the developers.<\/p>\n

\u201cWe will be consolidating our teams from other offices in the downtown Chicago area into this new site<\/em>,\u201d a Bank of America spokesperson told Commercial Property Executive<\/em>, though she declined to be more specific.<\/p>\n

The location, across the street from Chicago\u2019s Lyric Opera, reportedly is the last premier office site in Chicago offering a prominent downtown riverfront location. The building\u2019s architect is Goettsch Partners. CPE<\/em> last reported on this proposed tower in March, when the Chicago Plan Commission approved the project<\/a>.<\/p>\n

\u201cOur opening is now set for late 2020, with construction expected to begin in the spring of 2018,\u201d<\/em> Hughes CEO David Weinreb said in a prepared statement. \u201cWith city approval and a meaningful portion of the building pre-leased, 110 North Wacker is well on its way to becoming a reality.\u201d<\/em><\/p>\n

Currently on the site is a 6-story Class B office building, completed in 1956, that\u2019s the headquarters of General Growth Properties. A GGP spokesperson told CPE<\/em> that the nation\u2019s number-two mall owner has not finalized its relocation plan yet, but implied that a plan should be in place by the beginning of July.<\/p>\n

Read into this what you will, but last week Fortune.com<\/a><\/em> reported that GGP CEO Sandeep Mathrani had hinted during a conference call that GGP might be considering a sale of the company or the sale of some assets, in conjunction with a special dividend. Mathrani reportedly is frustrated that, with the bricks-and-mortar retail sector struggling as much as ever, GGP\u2019s stock price does not accurately reflect the company\u2019s position as an owner of mostly highly profitable malls.<\/p>\n

Images courtesy of Howard Hughes Corp.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

With construction slated to begin in the spring of 2018, Bank of America is expected to take almost 500,000 square feet at 110 N. Wacker Drive as soon as 2020.<\/p>\n","protected":false},"author":882,"featured_media":1004175610,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21781,21808,13,21742,21747],"tags":[34487,33250,33156],"class_list":["post-1004175603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-corporate-real-estate","category-featured","category-midwest","category-latest","category-office","tag-110-n-wacker-drive","tag-bank-of-america","tag-the-howard-hughes-corporation"],"acf":[],"yoast_head":"\nBofA to Anchor Tower in Chicago\u2019s West Loop - 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\/bofa-to-anchor-new-tower-in-chicagos-west-loop\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BofA to Anchor Tower in Chicago\u2019s West Loop\" \/>\n<meta property=\"og:description\" content=\"With construction slated to begin in the spring of 2018, Bank of America is expected to take almost 500,000 square feet at 110 N. 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