Bank of America Indications Its Third Lease in Less Than a Month Anchoring a Major US High-Rise Workplace Job
Advancement prepares reached crucial turning points Thursday for 110 N. Wacker Drive, the latest high-rise office tower reshaping the downtown Chicago skyline; and Lincoln Common, a massive mixed-use residential task a few miles far from North Wacker in Lincoln Park on the Windy City’s North Side.
Simply 6 weeks after protecting approval from city officials, a joint venture of local developer Riverside Financial investment & & Development and Dallas-based Howard Hughes Corp. revealed the signing of a 500,000-square-foot pre-lease with Bank of America which will enable the 51-story 110 N. Wacker Drive office tower to break ground. The glossy glass-and-aluminum-covered tower on the Chicago River is just the most recent addition to downtown Chicago, one of the most active markets in the U.S. for office building and construction after years of very little activity.
Developed by Goettsch Partners, the 1.35 million-square-foot tower will increase on one of the last uninhabited riverfront development sites in Chicago. Building and construction is expected to start in 2018 and will be total in 2020.
CBRE represented the property manager while JLL represented Charlotte-based Bank of America, which has now played a crucial role in numerous recent workplace advancement projects across the country. Last month, New york city City-based Skanska USA Commercial Advancement announced the start of building and construction on Capitol Tower, a 35-story office complex in downtown Houston, now slated for 2019 delivery following BofA’s lease of 210,000 square feet in the 755,000-square-foot high-rise.
Just recently, Bank of America paid $35 million to purchase the five-story Sherrill Structure at Ballantyne Corporate Location and Johnston Roadway in Charlotte. Also in its head office city, BofA last month confirmed it will lease more than half of the 33-story Lincoln Harris workplace tower under building and construction at Church and Hill streets on a part of the former Charlotte Observer website.
In Lincoln Park, designers Hines Interests and McCaffrey Interests held a ceremonial groundbreaking for Lincoln Common, a mixed-use project on 6 acres previously occupied by the Kid’s Memorial Medical facility consisted of 2 19-story apartment buildings amounting to 538 systems. The project at Lincoln and Fullerton Opportunity will consist of 60 condos, 160,000 square feet of retail (consisting of 94,000 square feet of restaurants) and more than 67,000 square feet of open area.
The huge task at the website of the now-demolished healthcare facility property, developed by Antunovich Associates and Skidmore, Owings & & Merrill, will likewise include the seven-story Belmont Village, 120,000-square-foot elders living house at 700-710 W. Fullerton Ave., formerly called the Nellie Black Building.
Two brand-new glass residential structures will be the centerpieces of the development, including 538 contemporary home houses. The Lincoln Common will likewise bring 94,000 square feet of amazing dining and retail space to the community, 47,000 square feet of shop loft workplace, and 40 for-sale condominiums. The development will provide the Lincoln Park neighborhood with 67,000 square feet of open public and park area in total – over 10,000 square feet more than in the originally approved plan.
Chicago Mayor Rahm Emanuel participated in ceremonies and press rundowns for both projects on Thursday. Emanuel praised Lincoln Commons as “a new chapter in the history of Lincoln Park” which will create much-needed affordable real estate stock in the area in addition to open area in Lincoln Park, located about 4.5 miles north of the North Wacker Drive task.