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Old June 3rd, 2014, 03:07 AM   #1141
munchymunch
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Old June 3rd, 2014, 03:38 AM   #1142
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I think it was a mostly sensible comment
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Old June 3rd, 2014, 03:45 AM   #1143
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Sky-high office tower prices don't signal a bubble

Quote:
An eye-popping $850 million deal for a River North office tower has Chicago landlords wondering how high prices can go while pooh-poohing any worries that a dangerous bubble mentality is reforming.

Irvine Co.'s acquisition of the 60-story trophy tower at 300 N. LaSalle St., set to be completed on July 1, will be the city's highest-priced. The price values the glassy, 1.3 million-square-foot structure along the Chicago River at $652 per square foot, also a Chicago office record.

Since October, five other downtown Chicago properties have sold for more than $300 million, including a $425 million deal for Citigroup Center at 500 W. Madison St., which was the highest price paid in the city in three years. Two other office buildings potentially worth well in excess of $300 million are on the market, and others are likely to follow as more owners test the market.

“Deals of this size just don't happen in a market that's not extremely liquid,” says Dan Fasulo, managing director at New York-based research firm Real Capital Analytics Inc. “There are investors making a significant bet on future growth. It's a tremendously healthy signal for the Chicago real estate market.”

“With prices at or higher than peak (2007) levels, it's certainly going to bring out discretionary sellers,” he says. “Absolutely, the product coming to the market is going to be fuel for the fire.”

Building towers in Chicago right now is like minting money. This project will move forward.
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Old June 4th, 2014, 11:30 AM   #1144
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^ This is the boom I've been talking about... I have a feeling there will be a ton of development a year from now.
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Old June 4th, 2014, 03:05 PM   #1145
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Look, even a snail moves forward. In thirty-five thousand years, I'd be willing to bet that Chicago might have a 600m tower or two. No doubt.

The question on everyone's mind is: how long will we have to wait?

You've got to see the world of skyscrapers as a continuum. And there's a bleeding edge that constantly moves forward. A hundred years ago, a 100m tower was front page news. Nowadays, it's a Thursday.

So the only thing that matters to us, the enthusiasts, is how close to that edge is the Post Office development going to be? Will it be notable? Will it push the skyline of the city forward on its own back? Or will it nestle in without fuss, forgotten because it missed its window of opportunity.

If a 600m tower goes up on the Post Office plot, which it will, eventually, the sooner it does the happier we will feel. Not because we're impatient (though that is a factor) but for the fact that 600m is impressive today. More than impressive, actually, it's groundbreaking. Anything that you can count on a single hand is pushing boundaries. But in ten years or fifteen years, 600m will be slightly less impressive. And in thirty years it will be even less so.
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Old June 6th, 2014, 07:46 PM   #1146
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Quote:
Originally Posted by LordArthurWellesley View Post
If anything, Walgreens will move into the existing space -- not a new tower on the site.

P.S.: JLL are not architects; they're brokers.
If they don't move to Switzerland...
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Old June 19th, 2014, 09:51 PM   #1147
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So...this news is a pretty big deal!

http://www.chicagobusiness.com/reale...ld-post-office

Quote:
Five years after buying the empty Old Main Post Office, British developer Bill Davies has formed a joint venture with Sterling Bay Cos. in an effort to kick-start a $500 million redevelopment of the hulking West Loop structure.
The Chicago-based developer said it is teaming up on the project with Mr. Davies, who will contribute the building as his investment in the joint venture.
An office and retail redevelopment of the 2.7-million-square-foot structure is likely to cost about $500 million, said Sterling Bay Managing Principal Andy Gloor, who did not disclose financial terms. A spokeswoman for Mr. Davies declined to comment.


As Crain's reported last month, Walgreen Co. has looked at the site as it considers a potential move of its headquarters from north suburban Deerfield. But Mr. Davies, who bought the vacant building and adjacent land for $24 million in 2009, has yet to sign any tenants for the highly visible building, which straddles the Congress Parkway.
The joint venture gives Mr. Davies, who rarely travels to Chicago, a well-known local partner that has pulled off some high-profile office leases in Chicago in recent years.
It would be the biggest development yet for Sterling Bay, which landed Google Inc.'s future Chicago offices in the former Fulton Market Cold Storage Building west of downtown. A few blocks away, it plans a major redevelopment of Oprah Winfrey's Harpo Studios campus.
Sterling Bay, led by Scott Goodman and Mr. Gloor, also has scored two major headquarters relocations to the West Loop from the suburbs: Sara Lee Corp. spinoff Hillshire Brands Co. to a former warehouse at 400 S. Jefferson St. and in-flight wireless provider Gogo Inc. to a vintage office building at 111 N. Canal St.
Sterling Bay is believed to be focusing on several potential office tenants, with Walgreen remaining one possibility.
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Old June 19th, 2014, 09:54 PM   #1148
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Also has this part:

Quote:
In 2011, Mr. Davies outlined plans for a $3.5 billion, 16 million-square-foot development of the post office structure and surrounding properties, which would have included a 120-story office tower, but those plans were later scaled back.
Scaled back to what?
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Old June 19th, 2014, 10:01 PM   #1149
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It didn't clarify that. I think it was referring to the plan becoming more realistic, when it did last year.

Basically this -
[IMG]http://i40.************/qoab94.jpg[/IMG]


This news is big because Sterling is. If anyone can get this done it's them. The business they could possibly bring to the post office, and downtown is amazing in its own right. It also gives this insane project credibility.. that's a big deal lol
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Old June 20th, 2014, 12:14 AM   #1150
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The part I quoted implies there will be no 120-storey tower. I'd like to see their source for that.
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Old June 20th, 2014, 12:26 AM   #1151
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Sterling Bay has already re-done a couple of buildings like this (fulton market). plus it mentions in the updated article the building estimate was only for the Old Chicago Post Office. This project is in phases so once this is done we can look to the 1000 footer, then onward.....

The new version has a 1000 ft building, 2000 ft and a 1400 footer Thats what the updated proposal was.
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Old June 20th, 2014, 12:27 AM   #1152
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Quote:
Originally Posted by droneriot View Post
The part I quoted implies there will be no 120-storey tower. I'd like to see their source for that.
The 2011 proposal included several 80 story towers that enraged neighborhood groups. So the plan was pared down to just 3 monster towers.

An this could mean many things from scaling back the office component to reducing the size of that tower. There are now supposed to be three towers exceeding 1,000 feet so with two being residential, the tallest was planned as pure office. Now they are coming back down to earth seeing how little need there is for so much commercial office space. If they stick 40 floors of hotel or condos or both onto the tallest tower (at whatever height) they may be able to get it off the ground. If they insist on pure office they may have to scale it back dramatically. The residential talls require a fully recovered condo market in Chicago so that's a few years away.

The good news is that Davies is getting local expertise to move the project forward. The city really wants to see the Old Post Office get renovated and back on the tax rolls so hopefully those plans are moving much further.
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Last edited by desertpunk; June 20th, 2014 at 01:47 AM.
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Old June 20th, 2014, 12:49 AM   #1153
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Would there really be demand for a project like this in Chicago? If so that's just awesome.

This, the Spire, Wolf Point, Jean Gang, Monroe... etc.

5 New supertalls would just do wonders.
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Old June 20th, 2014, 02:35 AM   #1154
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Quote:
Originally Posted by Jay View Post
Would there really be demand for a project like this in Chicago? If so that's just awesome.

This, the Spire, Wolf Point, Jean Gang, Monroe... etc.

5 New supertalls would just do wonders.
Monroe ? Which one is that ?

Jeanne Gang's is from a reputable developer, so that's probably a sure thing.

The Spire has Kelleher, it's a massive project, so it's obviously questionable. We'll get an idea about it in August

Wolf Point's a sure bet.

And this just got a lot more credibility, so things are looking up
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Old June 20th, 2014, 03:00 AM   #1155
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625 w Monroe by fifield they had a 21 story proposal 3 years ago, and then two months ago an around 1000 footer design was posted on ssp by a forumer, it only potential design. It's way less then a legit proposal
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Old June 20th, 2014, 06:28 AM   #1156
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Quote:
Originally Posted by munchymunch View Post
625 w Monroe by fifield they had a 21 story proposal 3 years ago, and then two months ago an around 1000 footer design was posted on ssp by a forumer, it only potential design. It's way less then a legit proposal
Oh yeah.. Remember that now. Fifield said he wanted to build a 75fl+ building. It's not less then legit, but we don't have any schedule for the building, so it's just there.
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Old June 20th, 2014, 06:45 PM   #1157
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Quote:
Originally Posted by Jay
Would there really be demand for a project like this in Chicago? If so that's just awesome.

This, the Spire, Wolf Point, Jean Gang, Monroe... etc.

5 New supertalls would just do wonders.
Wolf Point isn't supertall, is it?
This and the Spire would have the greatest impact.
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Old June 20th, 2014, 08:06 PM   #1158
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Quote:
Originally Posted by Blue Flame View Post
Wolf Point isn't supertall, is it?
This and the Spire would have the greatest impact.
The Wolf Point design for the other two towers are not final. Currently it's just barely under 300m if I remember right it's 950ft. But it's looking like Chicago might experience a pretty decent boom in the next year or two so keep your fingers crossed maybe they will increase that height a bit.
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Old June 20th, 2014, 08:56 PM   #1159
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Quote:
Originally Posted by Blue Flame View Post
Wolf Point isn't supertall, is it?
This and the Spire would have the greatest impact.
Not currently (290m) but the design isn't final
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Old June 20th, 2014, 09:31 PM   #1160
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Quote:
Originally Posted by Jay View Post
Not currently (290m) but the design isn't final
It's close enough to being a supertall that it reminds us how arbitrary the 300m mark is.
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