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Old June 5th, 2005, 08:19 PM   #41
geoff_diamond
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Quote:
Demolition for the new tower will begin this spring at the southwest corner of Rush and East Pearson. The current building there, the Pere Marquette Center, was part of the Loyola University Water Tower campus.
Does this mean demo begins in a year, or does this guy still think it's Spring outside?
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Old June 7th, 2005, 12:39 AM   #42
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$30M Will Convert Office Building to Condos
By Mark Ruda (www.globest.com)
Last updated: June 2, 2005 06:18pm
CHICAGO-The office condominium concept is making its way from the West Loop to the East Loop. Timothy Farrell’s FIC Development Group has announced plans to acquire 111 N. Wabash Ave., a 22-story, 259,000-sf building in the city’s Jeweler’s Row District, and convert it to office condominiums next spring.
Late last year, Hamilton Partners sold its 160,000-sf office building at 211 W. Wacker Dr. for $15 million to Ameritus, which divided the 18-story asset overlooking the Chicago River into space blocks ranging from 2,200 sf to 25,000 sf. Although terms were not disclosed, the most recent property assessment for the Garland Building at 111 N. Wabash Ave. puts its value at $34 million.

With occupancy at 82%, the Garland Building at the northeast corner of Washington Street and Wabash Avenue is home to 260 doctors, one of the largest collections of physicians in the city outside of a hospital campus, according to L.J. Sheridan & Co., which has been hired to sell the office condominiums. L.J. Sheridan & Co. already handles building management and leasing. The 91-year-old building’s 47,000 sf of retail space includes original Heaven on Seven restaurant as well as a Staples office supply store. The lobby was recently renovated by the limited liability corporation that owns the building, which also is wired for high-speed Internet service.
---------------

You oughta stop by at Heaven on Seven, located on 7th floor in the same building for a bowl of gumbo! It opens 11am-4pm (I think) on weekday.
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Old June 7th, 2005, 04:33 AM   #43
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Anyone care to explain what, exactly, an office condominium is?
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Old June 7th, 2005, 06:16 AM   #44
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i guess it means a once office building thats been converted into condos
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Old June 7th, 2005, 06:17 AM   #45
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Quote:
Originally Posted by geoff_diamond
Anyone care to explain what, exactly, an office condominium is?
^ Office space owned by the person using it, instead of being leased. In other words, it's still office space--it's not a residential conversion.

Not particularly exciting, if you ask me. I'd rather hear about skyscraper construction...
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Old June 7th, 2005, 05:54 PM   #46
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I had suspicion that it might be similar to hotel-condo units and it is. You're right TUP... pretty boring stuff.
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Old June 8th, 2005, 05:53 PM   #47
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Saw a sign for this on my way to work this morning:

http://www.theazuretower.com

Address is 1330 S. Michigan Ave.
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Old June 8th, 2005, 07:15 PM   #48
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Thank god we've finally perfected the practice of airlifting entire buildings from Miami to Chicago. This should make the development of the South Loop much quicker in the future!

The building's been listed on the Boom Rundown over at SSP for a while. There's also a link (<-- click) to it at Emporis.
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Old June 8th, 2005, 10:48 PM   #49
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Old June 8th, 2005, 11:35 PM   #50
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This project still cracks me up. It's going to be so narrow!!! Should look interesting standing right next to Mather Tower (also incredibly narrow).
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Old June 9th, 2005, 12:42 AM   #51
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Quote:
Originally Posted by Rascacielos
Saw a sign for this on my way to work this morning:

http://www.theazuretower.com

Address is 1330 S. Michigan Ave.

I propose that Azure be gifted to Miami from us, the Chicago forummers.
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Old June 9th, 2005, 07:52 PM   #52
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Wouldn't that be considered re-gifting (since I'm pretty sure they're the ones who "blessed" us with this one to begin with)?
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Old June 10th, 2005, 06:17 AM   #53
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I was greated with a pleasant little surprise when I got home tonight. I sat down at the computer and thought "what the hell is that blinding light outside?" Well, that blinding light would be the fancy new theatrical lighting that adorns the Heritage at Millennium Park. I can only attest to its existance on the west facade, but, I would assume there's something on the east as well (I'll try to check that out tomorrow).

I never did get the hang of taking night-shots with a digicam, but, here it is anyway. Perhaps Devyn could do a better job for us?

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Old June 10th, 2005, 06:42 AM   #54
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I noticed some lighting on the top of the east side of the Heritage last night. It was a small purplish light behind the newly installed glass that covers the mechanical penthouse at the top. I would guess they were just testing a small portion of it and it will be much larger when the building is complete.
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Old June 10th, 2005, 01:32 PM   #55
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148-158 E. Ontario St

Condo plan would raze McCormick birthplace

By Jeanette Almada
Special to the Tribune
Published June 10, 2005


Preservationists seemed resigned Thursday to the demolition of the Streeterville birthplace of longtime Chicago Tribune editor and publisher Col. Robert R. McCormick to make way for a condo and retail tower.

The Chicago Plan Commission approved the 51-story building last month as a planned development on Ontario Street, just east of Michigan Avenue. Developed by Monaco Development, it would have 160 condominiums from the 16th floor up, retail space in the basement and on the ground and second floors, plus parking for 180 cars in between, according to Kathy Caisley, a project manager for the city's Department of Planning and Development.

The development site is 148-158 E. Ontario St., according to the Planning Department, though some of the five buildings on the site may have dual addresses. Caisley said Monaco will demolish all the buildings. Officials from Monaco declined to comment about the project.

McCormick was born in 1880 in the gabled-roof rowhouse at 150 E. Ontario St. The Illini Bar now occupies the building's ground floor.

David Bahlman, executive director of the Landmarks Preservation Council of Illinois, said, "We have heard some rumblings about [the planned demolition], but we are not taking any action."

Another preservation group held out more hope, however.

"We are not trying to stop the project, we are just trying to save one building at the west edge of the development site," said Michael Moran, vice president of Preservation Chicago.

The preservation advocacy organization says it has talked with Planning Department Commissioner Denise Casalino and also with the department's Landmarks Division about saving the building.

"The city has not expressed support for our position and has not sought preservation for the building," Moran said. "We are exploring options ... and feel that the development can still be built while saving the westernmost building, which from our standpoint is an attractive slice of Chicago history."

McCormick, who died in 1955, "was an eccentric, but he was our eccentric," Moran said. "Later, the building was used as a key club during the speak-easy days, and eventually became a club called the Key Club.

"It is a question of how aggressive we are going to be about saving buildings that reflect our history. Every brick in this building is original, except one [that replaced a brick] embedded in the Tribune Tower, and we think it is wrong if that embedded brick is the only one from this building to remain."

That view, however, is not shared by the city.

"It has been suggested by some that it should be landmarked, but it is not an orange-rated building [highest on the city's endangered list], does not look anything like it did when he [McCormick] was born there, was altered significantly in the 1920s," said Constance Buscemi, spokesman for the Landmarks Division of the Planning Department. "And we don't believe that it warrants landmarking in light of all those factors."

Businesses occupying the 0.29-acre site include two popular restaurants: Bice and O'Neil's bar and grill.

The Plan Commission approved the project May 19. Monaco negotiated a density bonus with city officials that allows it to build more units than zoning laws would normally permit.

In return, Monaco agreed to donate $1.6 million to the Chicago Department of Housing's Affordable Housing Fund and also agreed to several building setbacks, according to Caisley.

Monaco has to present final details to the Planning Department before obtaining a building permit, said Caisley, who stressed that the proposal would not have to go back to the commission for final approval.

The only objections expressed to the commission last month came from a member of the Streeterville Organization of Active Residents, who told commissioners that its members worry about potential problems from heavy traffic on St. Clair Street and plans to eventually open a sidewalk cafe on Ontario, where the sidewalk is narrow.
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Old June 10th, 2005, 01:35 PM   #56
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Kirkland firm joins flight to new towers
Lawyers shaking up downtown market

By Thomas A. Corfman
Tribune staff reporter
Published June 10, 2005


In a move sure to shake up the downtown office market, Kirkland & Ellis LLP has signed a tentative agreement to anchor a skyscraper proposed by Hines Real Estate Interests LP for a site along the Chicago River at LaSalle Street.

The 1,000-lawyer firm has signed a non-binding letter of intent to lease 600,000 square feet in the tower, to be completed in 2009, confirmed Douglas McLemore, administrator of the firm, which is being advised by real estate firm Staubach Co.

The new tower, with an address of 300 N. LaSalle St., will have at least 1.1 million square feet of space, said Gregory Van Schaack, a senior vice president in Hines' Chicago office. A deal with Hines had been expected since late February, when Kirkland began talks with developers.

Kirkland would be the third big law firm to move to a new high-rise, joining rivals Mayer, Brown, Rowe & Maw LLP and Sidley Austin Brown & Wood LLP.

Kirkland expects the 55-story tower, to be designed by architect Jon Pickard of New Haven, Conn.-based Pickard Chilton Architects Inc., to give the firm renewed prominence.

"We talk about taking the architectural tour down the river and it be pointed out that it's a noteworthy building that houses Kirkland & Ellis," McLemore said.

The deal, one of the largest leases in the city's history, reflects several trends in the downtown market, including the strong growth of law firms and the magnetic attraction that new office towers seemingly have for tenants.

Kirkland would move from Aon Center, its home since 1972, becoming the latest big-name tenant to migrate westward from an area that was once a premier office location.

"The East Loop is always the poster child of market abuse," said Richard Schuham, executive vice president with tenant representative firm Studley Inc., which isn't involved in the deal.

Kirkland is the second-largest tenant in Aon Center, 200 E. Randolph St., with about 450,000 square feet of space

Aon Center's owner, Wells Real Estate Funds, held out some hope that talks with Kirkland might resume, noting that most of the firm's space in the prominent 80-story tower is under lease until 2011.

"If it doesn't work out, given the lead time and the fact that it is the Aon Center, we are certainly optimistic about our ability to re-lease that space at appropriate terms," said Richard Matthews, a spokesman for the suburban Atlanta real estate firm.

Ironically, the former Amoco Building was renamed Aon Center in 1999 after the Chicago-based insurance firm moved to the building from Wacker Drive, a rare instance of a high-profile tenant moving eastward.

But in recent years many tenants have taken advantage of new office towers that are closer to the commuter train stations and expressways. Mayer Brown, for example, is moving from 190 S. LaSalle St. to Hyatt Center at 71 S. Wacker Drive later this year.

Yet Kirkland isn't moving as far west as some others, such as Deloitte & Touche LLP, which this year is moving to 111 S. Wacker Drive, where it will be the lead tenant in a 51-story skyscraper developed by Chicago-based John Buck Co. The accounting giant is moving its main Chicago office from Two Prudential Plaza, 180 N. Stetson Ave., which was built during the last building boom in the 1980s.

Kirkland also has about 100,000 square feet of space in the nearby One Prudential Plaza, 130 E. Randolph St.

The opportunity to consolidate offices into a single building was an important factor in Kirkland's decision, but the move won't come cheap.

At the new tower, sources said, Kirkland will nearly double its net rent, which in 2003 was $13.67 a square foot for most of its space, according to Wells.

McLemore declined comment on the lease terms, but noted that net rent is only one of several cost factors.

Operating expenses will be substantially lower in the new building, McLemore said. They are about $8.65 a square foot in Aon Center, according to an estimate by real estate research firm CoStar Group.

Because of the expected growth in the size of the firm, Kirkland thinks it would need about 750,000 square feet by 2009 if it stayed put. It expects to reduce that amount by about 25 percent at 300 N. LaSalle St. through several factors, including more efficient design and slightly smaller lawyers' offices. And those savings will multiply if Kirkland expands. The firm has an option to increase its space by 300,000 square feet.

In the new tower the floors will average about 26,000 square feet, said Hines' Van Schaack. Kirkland's space will probably be located below the 38th floor, leaving the top floors, which typically command higher rents, still to lease.

The new tower would be the third Chicago office building that Houston-based Hines has developed with a law firm anchor tenant. The others are 191 N. Wacker Drive., completed in 2002 and anchored by Gardner Carton & Douglas, and 1 S. Dearborn St., to be completed later this year and anchored by Sidley Austin.

"We've been able to show Kirkland what we've done for others," Van Schaack said.
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Old June 10th, 2005, 01:55 PM   #57
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Quote:
Originally Posted by geoff_diamond
I was greated with a pleasant little surprise when I got home tonight. I sat down at the computer and thought "what the hell is that blinding light outside?" Well, that blinding light would be the fancy new theatrical lighting that adorns the Heritage at Millennium Park. I can only attest to its existance on the west facade, but, I would assume there's something on the east as well (I'll try to check that out tomorrow).

I never did get the hang of taking night-shots with a digicam, but, here it is anyway. Perhaps Devyn could do a better job for us?

It looks really really nice. There will be lighting on the eastern facade as well, but they have,t finished installing the lights yet. There will be lights on the top-portion of the lower section of the tower, as well as the lights running up the northern facade.
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Old June 10th, 2005, 07:46 PM   #58
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I just hope they don't overdo it.
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Old June 11th, 2005, 02:49 AM   #59
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Won't people who live in those upper floors get annoyed by those lights? By the way, that's a pretty kick-ass view you have.
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Old June 11th, 2005, 05:51 PM   #60
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Well, since there are no balconies on that particular section of facade, I guess there's no units there. Could be the amenities floor or something?

Regarding my view... thanks .
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