{"id":1004575731,"date":"2022-04-11T03:56:20","date_gmt":"2022-04-11T11:56:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004575731"},"modified":"2022-12-08T13:04:30","modified_gmt":"2022-12-08T21:04:30","slug":"chicago-high-rise-reaches-completion","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chicago-high-rise-reaches-completion\/","title":{"rendered":"Chicago High-Rise Reaches Completion"},"content":{"rendered":"
\"320<\/a>

320 South Canal. Image courtesy of Clark Construction Group<\/p><\/div>\n

The 52-story, 1.5 million-square-foot Class A office tower 320 South Canal, in Chicago\u2019s West Loop and adjacent to the city\u2019s historic Union Station, has reached substantial completion. Clark Construction Group<\/strong> is the general contractor.<\/p>\n

The project was developed by Riverside Investment & Development Co<\/strong>., has BMO Harris Bank<\/strong> as the anchor tenant, and includes the addition of the largest public park in the West Loop.<\/p>\n

320 South Canal is directly south of the 1925 Union Station and features a fitness center, conference facility and more than 8,000 feet of outdoor amenity spaces, including four private terraces. The architect was Goettsch Partners<\/strong>.<\/p>\n

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READ ALSO<\/strong>: What Will Future Lab Space Look Like?<\/a><\/p>\n

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The building connects to Union Station via an underground pedway, with links to the Metra train concourse, Amtrak trains and Loop Link CTA bus lines at the Union Station Transit Center. 320 South Canal is also located near several major expressways and includes two levels of underground parking.<\/p>\n

About three-fifths of the 2.5-acre site is set aside as public open space, featuring a large central lawn, pedestrian walkways and a variety of smaller spaces for outdoor activities. The office tower\u2019s east and west fa\u00e7ades showcase V-shaped structural transfers, which open up the ground floor and help connect the building and the park.<\/p>\n

According to Tyler Lamkey, senior vice president at Riverside Investment & Development, the firm\u2019s goal was to maximize the benefits of this prime location.<\/p>\n

Tenants began occupying the tower in January, and the park will open to the public this June.<\/p>\n

Back to the office?<\/h2>\n

The Chicago downtown office market opened the year with \u201cnear flat absorption,\u201d with active leasing in Class A and trophy buildings almost outbalancing negative absorption in Class B or lower space, according to a first-quarter report from JLL<\/strong>. The biggest winners were newer buildings in the West Loop and Fulton Market, which helped push average rental rates higher for the first time since the start of the pandemic.<\/p>\n

As in so many other CBD office markets, the near-term prospects will depend on companies\u2019 space needs as more employees return to the office. In Chicago, there was a surge in that direction in early March, JLL says.<\/p>\n

In January of last year, Vista Property Group obtained $30.7 million<\/a> from Bank OZK to both renovate an historic five-story building at 601 W. Randolph St. and build a 15-story boutique office building next door, at 609 W. Randolph.<\/p>\n","protected":false},"excerpt":{"rendered":"

Anchored by BMO Harris Bank, the 52-story tower is adjacent to the city\u2019s historic Union Station.<\/p>\n","protected":false},"author":882,"featured_media":1004575750,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,13,21742,21747],"tags":[35624,34488,32796,51550],"class_list":["post-1004575731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-midwest","category-latest","category-office","tag-clark-construction-group","tag-goettsch-partners","tag-jll","tag-riverside-investment-development"],"acf":[],"yoast_head":"\nChicago High-Rise Reaches Completion - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The Class A office tower 320 South Canal, in Chicago\u2019s West Loop and adjacent to the city\u2019s historic Union Station, has reached completion.\" \/>\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\/chicago-high-rise-reaches-completion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chicago High-Rise Reaches Completion\" \/>\n<meta property=\"og:description\" content=\"The Class A office tower 320 South Canal, in Chicago\u2019s West Loop and adjacent to the city\u2019s historic Union Station, has reached completion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/chicago-high-rise-reaches-completion\/\" \/>\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=\"2022-04-11T11:56:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T21:04:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/320-South-Canal-Chicago.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"801\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\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\/chicago-high-rise-reaches-completion\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/chicago-high-rise-reaches-completion\/\",\"name\":\"Chicago High-Rise Reaches Completion - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/chicago-high-rise-reaches-completion\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/chicago-high-rise-reaches-completion\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/320-South-Canal-Chicago.jpg\",\"datePublished\":\"2022-04-11T11:56:20+00:00\",\"dateModified\":\"2022-12-08T21:04:30+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"The Class A office tower 320 South Canal, in Chicago\u2019s West Loop and adjacent to the city\u2019s historic Union Station, has reached completion.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/chicago-high-rise-reaches-completion\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/chicago-high-rise-reaches-completion\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/chicago-high-rise-reaches-completion\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/320-South-Canal-Chicago.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/320-South-Canal-Chicago.jpg\",\"width\":801,\"height\":600,\"caption\":\"320 South Canal. 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