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Old June 24th, 2014, 10:12 PM   #1161
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Great to see this move along. I bet that the main tower will be at least mixed use, definitely not pure office. From what I know the demand for residential is far greater than for office and this difference should get only bigger in the following decades with the systematic extinction of offices
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Old June 25th, 2014, 02:11 PM   #1162
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I read that as 'definitely not post office', and started imagining a 600m tall post office and thought 'hey, that would be awesome'.
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Old June 26th, 2014, 06:02 AM   #1163
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Quote:
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Great to see this move along. I bet that the main tower will be at least mixed use, definitely not pure office. From what I know the demand for residential is far greater than for office and this difference should get only bigger in the following decades with the systematic extinction of offices
Office space will never become "extinct". In fact, demand will grow with the boom in residential.
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Old June 26th, 2014, 04:26 PM   #1164
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The internet will drive offices to extinction. At the end of the century only secret service employees and manual workers will not work from home. Working from home is vastly superior to working in an office in every way both for the employee and the employer. As time and internet development move on more and more jobs become managable from home through the internet and there are no signs that this trend will stop in the forseeable future. Trust me, internet is for offices the same thing as an asteroid is for dinosaurs
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Old June 26th, 2014, 08:07 PM   #1165
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Absolute nonsense. Offices in their current incarnation will go, sure. Cube farms are not the future. But everyone working from home? Not a chance.

'Working from home is vastly superior to working in an office in every way for both the employee and the employer'. What a load of bullshit. Disregarding the health benefits to working with other people in the same room in the same building (an office, in other words), the implication that telepresence will replace all human contact is not based on any research at all and paints a crushingly lonely vision of the future that, thankfully, will never arise.

Which is to say nothing of the creative and commercial benefits that offices provide. And the innovations to work environments made by companies like Google and Valve in the recent past. Offices done right are no more threatened by the internet than dinosaurs were by the asteroid. After all, dinosaurs survived the asteroid. They just became birds.
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Old June 26th, 2014, 09:43 PM   #1166
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A lot of individuals have trouble wrapping their mind around the fact that a huge percentage of jobs currently done by humans will be automated in the next two decades. People won't necessarily work from home or an office, because their job is done more efficiently by a machine. That's the way technology and economics work. Hell super computers of the future will run our government there won't even be politicians because a machine will be able to process every possible variable/scenario for any given issue and come to a non bias solution that is most productive to all. Sorry for off topic input.
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Old June 26th, 2014, 09:57 PM   #1167
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i have to go three times a week to university to visit lectures. i go six times a week. the daily travel cost me 2 hours each day and i still do it, just to benefit from a better working athmosphere. working at home is inferior for me even when working alone on a project, forget working in a team.
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Old June 30th, 2014, 10:19 PM   #1168
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Downtown office vacancy drops to lowest level in five years

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Sublease vacancy was 1 percent in the previous five quarters, but as far back as our chart data goes (to the start of 2001), it’s never dropped below 1 percent.

Downtown Chicago's office vacancy has fallen to its lowest level in five years, allowing some landlords to continue hiking rents.

Overall vacancy fell to 14.1 percent during the second quarter, down from 14.7 percent in the previous quarter and 14.9 percent a year earlier, according to Los Angeles-based CBRE Inc. That is the lowest vacancy rate since second-quarter 2009, when it was 14 percent in the early stages of the downturn.
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Old June 30th, 2014, 10:58 PM   #1169
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Good news!
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Old June 30th, 2014, 11:04 PM   #1170
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Quote:
Originally Posted by TechTitan View Post
A lot of individuals have trouble wrapping their mind around the fact that a huge percentage of jobs currently done by humans will be automated in the next two decades. People won't necessarily work from home or an office, because their job is done more efficiently by a machine. That's the way technology and economics work. Hell super computers of the future will run our government there won't even be politicians because a machine will be able to process every possible variable/scenario for any given issue and come to a non bias solution that is most productive to all. Sorry for off topic input.
That's not the way technology and economics work. That's how we used to think they worked, back in the corporate wet dream of the 1980s.

For every job that becomes automated two more will be created that can't be automated. Because the vast freedom this automation provides will allow us to create entirely new jobs that have never existed before.

We feel anxiety over that future because it requires trust. Trust that we'll be able to invent and imagine a better world for ourselves, instead of incrementally upgrading the one forged in the industrial revolution of 19th century Britain.

If your job can be replaced by a machine, then you were wasting your life doing it in the first place. The human brain is the most complex object in the known universe, and you had it punching out license plates for ten hours a day? We have squandered the infinite resources of millions of people who have been cast aside as 'unskilled labor'. In the future, there will be no such thing as 'unskilled labor'. Even the dumbest, most inept human being alive today is capable of profound creativity and imagination. All we have to do is create a society that places a monetary value on that power, rather than on efficiency and rote tasks more suitable for robot servants.
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Old July 7th, 2014, 09:54 PM   #1171
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The rumors have been put to rest about Chicago’s old Main Post Office building. Officials from Sterling Bay Companies came forth recently announcing a partnership with Chair of International Property Developers North America (IPDNA), owner Bill Davies, to redevelop the property.


Andy Gloor, managing principal of Sterling, told Illinois Real Estate Journal, that IPDNA has done an enormous amount of due diligence on the property in the last five years.

“They gave us a head start as it relates to the physical structure, engineering, and the PD that they received through Jack George. So we are benefitting from the money and time they have spent working on the project.”

It’s no surprise that Davies decided to partner with Sterling Bay, as they specialize in repositioning properties in emerging locations. Sterling Bay’s transformative work can be seen on the Near West Side, redeveloping 1000 West Fulton, 400 South Jefferson, and 111 North Canal.

In a prepared statement Davies said, “Sterling Bay has had great success transforming large, underutilized properties into highly desirable office destinations. The firm has played a significant role in transforming Chicago’s West Loop, and we feel that their knowledge of the city and current market trends will lead us to initiate the first phase of one of the most notable projects in Chicago in the last 50 years.”

The old main post office building arches over the Eisenhower Expressway. The building, which was listed on the National Register of Historic Places in 2001, has been popular for movies shot in Chicago, including “Batman Begins”, “The Dark Knight” and “Transformers.”

With $500 million going towards the first phase of renovations, Sterling Bay and IPDNA’s vision is to convert the property into 2.7-million-square-feet of modern office space and retail amenities.
Gloor says they are hoping to start construction fourth quarter of this year.

“It’s a gut rehab, so literally an all new building system, windows, and roof. Everything in the building is going to be brand new. We’re restoring the main lobby entrance, which is beautiful.”

As for the next phases, and how much they will cost, of revamping the historic post office, Gloor said they were not sure when they would begin.


“It really depends on how the first phase goes and how quickly that gets done,” he said. “There is about four-and-a-half acres between the building and vine. That would be phase two. That’s yet to be determined what happens there.”

Gloor said that Davies has done an enormous amount of work on the building already.

“Physically he has not done anything to the building. But in terms of understanding the development potential of the building, he has put some time into it. He provided all of the information that allowed us to get up to speed with the building a lot faster than we would have, had we started it on our own.”


According to a recent article by GlobeSt.com, Walgreens has checked out the building according to media reports. Walgreens currently occupies about 1.7-million-square-feet in north suburban Deerfield, Illinois.

Walgreens isn’t the only business who’s shown interest in the property as well. As far as prospective tenants go, Gloor said that there is an enormous amount of interest in the building from a variety of office tenants.

Gloor says that construction on the building will take about two and a half to three years, and estimates early 2018 for the revamping of the once prominent post office to open to the public.

- See more at: http://www.rejournals.com/2014/07/03....94xCqGDH.dpuf
....

Last edited by ChiSkyline; July 8th, 2014 at 03:19 AM.
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Old July 7th, 2014, 11:57 PM   #1172
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I actually haven't kept up with this thread so excuse the ignorance, but what exactly is this development?

Are they simply renovating the old post office for now? And what is the plan with the towers? Will they be building on top of the existing structure. or building off of empty nearby land?
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Old July 8th, 2014, 08:29 AM   #1173
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This is big news. Sterling seems pretty confident about starting construction, as well as speaking of the towers and expansion as something that will happen. This means one thing, they have some major companies that are ready to buy in, possibly Walgreen's, that would explain their confidence in the whole project. Either way, this is exciting.
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Old July 8th, 2014, 08:37 PM   #1174
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I wonder if we could actually see a 900-1000 foot tower here, that would be great for Chicago.
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Old July 8th, 2014, 11:34 PM   #1175
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It's great they want to get something started but before anything gets started, I feel we need a actual name before anything else.. is it going to be called the Post Office?
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Old July 9th, 2014, 02:28 AM   #1176
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It's great they want to get something started but before anything gets started, I feel we need a actual name before anything else.. is it going to be called the Post Office?
Yeah. They're just painting the outside and putting up some wallpaper. The exiting building is what's on the table right now. It always has been. It's massive.
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Old October 9th, 2014, 10:21 PM   #1177
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Old Post Office owner plots next move after breakup with Sterling Bay

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The owner of the vacant Old Main Post Office may seek a sale of the sprawling West Loop property or a new development partner after a joint venture with Sterling Bay Cos. fizzled.

Less than four months ago, British developer Bill Davies and Chicago-based Sterling Bay said they were forming a venture for a $500 million redevelopment of the 2.7 million-square-foot building that straddles Congress Parkway.

The news brought hope that the property, empty since the post office close 18 years ago, finally would be transformed into a new use, likely a combination of office and retail space But the relationship soon fell apart, and Sterling Bay recently withdrew from the venture after attempting to buy the colossus along the Chicago River for almost $150 million from Mr. Davies' International Property Investors, according to people familiar with the matter.

“Although Sterling Bay was excited and optimistic about developing the old post office with International Property Investors, over the last several months we have not been able to agree on the ultimate vision for the property or who would have primary responsibility to direct its completion,” Sterling Bay Managing Principal Andy Gloor said in a statement. He declined to comment further.

Sterling Bay, which is riding the momentum of several large office leases — including landing Google Inc.'s future Chicago offices — was seen locally as an ideal partner for Mr. Davies, a Liverpool native now based in Monaco. Although he has owned the post office since 2009, he never has completed a development in Chicago and is largely unknown here, while Sterling Bay is known for its nimble dealmaking.

The Chicago firm is not believed to have put any money into the venture but had agreed to invest heavily to gut the building and fill it with tenants.

Mr. Davies' next step is unclear. He is working with London-based real estate firm Savills PLC, known as Savills Studley in the U.S., to explore his options, including a potential sale.

[...]

Where do people like Bill Davies come from? And why are these delusional pretenders always drawn to enormous development sites? A sale makes perfect sense. The perfect buyer? Related. They do mega-developments better than anyone.
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Old October 9th, 2014, 10:57 PM   #1178
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Old October 10th, 2014, 06:58 PM   #1179
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Working from home is vastly superior to working in an office in every way both for the employee and the employer.
No it's not. Not at all. Not even remotely.

Having all your people in one place means you can deliver messages quickly and efficiently. What happens when the internet goes down for even one employee ? Is that a day off ? If the bill isn't paid ? If somebody moves ? Who knows.

Also, people learn from each other. Mentoring, coaching, correcting, and so on. That won't happen when everybody is at home.

Come to think of it, if it was such a good idea then we would expect companies to be doing it already...which some do. What they don't do is let everybody work from home but some can.

In the end, it's actually very inefficient.
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Old October 12th, 2014, 12:06 AM   #1180
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Old Post Office owner plots next move after breakup with Sterling Bay




Where do people like Bill Davies come from? And why are these delusional pretenders always drawn to enormous development sites? A sale makes perfect sense. The perfect buyer? Related. They do mega-developments better than anyone.
The UK. Perhaps they were trying to get a foothold in the USA?
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