The Howard Hughes and Riverside Investment & Development have broken ground on 110 North Wacker, a trophy-class office tower in Chicago’s Central Business District.
The 1.4 million ft², 55-storey downtown building is being constructed between the Chicago River and Wacker Drive in collaboration with the leasing, design and construction teams of CBRE, Goettsch Partners and Clark Construction.
More than 30% of the office space at 110 North Wacker has been pre-leased to Bank of America.
Howard Hughes CEO David Weinreb said: “This is a milestone moment for everyone involved in bringing this dynamic building to life.
“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.”
Chicago Mayor Rahm Emanuel said: “This project will create Chicago’s tallest new office building in the last three decades, while making a record contribution to support neighbourhood businesses throughout Chicago.”
Designed by the Chicago-based Goettsch Partners, the Class-A building features stepped west façade, trident columns at the base and extended Riverwalk park.
The series of architectural setbacks creates 14 corner-office opportunities per floor which, along with open air on all four sides of the building, provide daylight on all sides of every floor in addition to spectacular views.
The office tower will also include a modern conference centre, fitness facility, retail and dining.
Prior to the groundbreaking ceremony, Bank of America and Lincoln International had announced that they will be joining as tenants of 110 North Wacker.
Bank of America will be the first anchor tenant, leasing 500,000ft², accounting for more than a third of the building’s space. Similarly, Lincoln International will be leasing 60,000ft².
The developers had secured a $495m construction loan for 110 North Wacker from Bank of America and JPMorgan Chase, along with an equity investment by USAA Real Estate.
The building is expected to be completed in the fourth quarter of 2020.