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Old January 4th, 2006, 06:29 PM   #601
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^i certainly hope so! tell those businesses to get ther ass back were they belong! Downtown!
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Old January 4th, 2006, 06:30 PM   #602
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Developer, condo group quarrel

THOMAS A. CORFMAN
Published January 4, 2006


Developer Christopher Carley, who has proposed the nation's tallest building, has a problem closer to earth: a lawsuit by the condominium owners of his recent eight-story Gold Coast development.

The condo association of 65 E. Goethe St. filed a complaint last week in Cook County Circuit Court, alleging more than 25 instances of improper construction or maintenance.

Carley said he has already agreed to make about three-quarters of the repairs, and has been negotiating over the rest with the association.

"We'll get it to their satisfaction," said the chairman of Chicago-based Fordham Co. The complaint does not specify damages. Carley said the amount in dispute is about $100,000. Weather has delayed some repairs, he added.

In July, Carley proposed a 115-story condo/hotel tower to be designed by Spanish architect Santiago Calatrava on a site along the lakefront at the Chicago River. The next month, investors in another Carley project, the Fordham at 25 E. Superior St., filed a suit charging that construction costs were misrepresented.

Carley said he hopes that case will be dismissed. But "sophisticated lenders" who are considering the Calatrava tower won't be affected by either case, he said. "It's part of being a large development outfit," he said.

Golub buys studios: As expected, Golub & Co. has completed the purchase of the historic Streeterville studios of WBBM-Ch. 2, with plans for construction of a 750-unit apartment complex after the CBS affiliate moves in late 2007 to its new home on Block 37, said Michael ******, president of the Chicago development firm.

Golub has formed a development joint venture with Boston-based Halcyon Ventures, which was formed in 2004 by former principals of AEW Capital Management LP, a frequent financial partner, said Lee Golub, executive vice president with the developer.

Crate & Barrel leaseback: New York investor Lloyd Goldman has completed a $40 million sale/leaseback deal for the Northbrook headquarters of Crate & Barrel Inc., according to property records filed last month. Goldman is best known as the lead financial partner in plans to rebuild the World Trade Center site.

The housewares retailer had been seeking a long-term agreement for the 159,500-square-foot building at 1250 Techny Rd., with an initial annual rent of $2.4 million, not including taxes and operating expenses.

The transaction allows Crate to free up capital, said a spokeswoman, who declined to comment on the financial terms but said the company signed a 20-year lease.

Chicago-based U.S. Equities Realty LLC and New York-based Sonnenblick-Goldman Co. represented Crate.

Vacancy rate movement: The vacancy rate for newer, Class A office space is moving in opposite directions in the city and the suburbs, according to a report by real estate firm CB Richard Ellis Inc.

The suburban Class A vacancy rate fell to 16.1 percent during the fourth quarter, compared to 17.6 percent a year ago. During the same time frame, the downtown Class A vacancy rate rose to 16.7 percent from 14.1 percent.

One difference is new construction, which has continued downtown, driven by large tenants willing to pay premium rent for new towers, said Lisa Konieczka, a CB senior vice president.

The firm represented Vernon Hills-based CDW Corp., which, as expected, said Tuesday it would consolidate its downtown offices at 120 S. Riverside Plaza, increasing its downtown space by 75 percent, to 252,000 square feet. The building, constructed in 1967, is owned by Trizec Properties Inc.
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Old January 4th, 2006, 06:33 PM   #603
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...and along the lines of our latest topic of discution.....

Office Condos Put to the Test in Chicago

By ROBERT SHAROFF
Published: January 4, 2006
CHICAGO, Jan. 3 - Two projects under way in the Loop, the downtown central business district here, are testing the waters for office condominiums, a growing segment of the commercial real estate market in cities like Atlanta and Phoenix but one that is still relatively unknown in the Midwest.


The two test cases are the Garland Building and 211 West Wacker; both are older Class B office buildings in prime downtown locations.

The Garland, a 259,000-square-foot structure that dates from 1914, is at the corner of Wabash Avenue and Washington Street, opposite Marshall Field's downtown flagship store. The building is also a block from Millennium Park, the new $475 million lakefront attraction that is credited with revitalizing the east Loop.

The second, 211 West Wacker, is an 18-story 158,751-square-foot structure on a broad boulevard parallel to the Chicago River that has challenged LaSalle Street as the city's financial center in recent years.


The Garland is being developed by two local firms - FIC Development Group and L. J. Sheridan & Company - while 211 is being developed by Ameritus Corporate Real Estate Services.

"Office condos are a very new idea in Chicago," said Tim Farrell, president of FIC Development. "But the simple theory is that the sum of the parts is greater than the whole."

Bert Scherb, a principal with Ameritus, said, "None of us really know what we're doing here, but we're learning fast."

Of the two projects, the Garland is probably more intriguing, if only because of its current tenant base. The building, which is 84 percent leased, probably has the city's highest concentration of medical professionals outside of a hospital: a total of 240 doctors representing 52 different medical specialties. "It's basically a one-stop shop for medical services," Mr. Farrell said. "The only thing we lack is a surgery center"

FIC's parent company, the Financial Investments Corporation, a privately owned real estate equity fund, acquired the Garland in 1998 and is midway through a $15 million renovation that includes installing new elevators, restrooms and a rooftop cooling tower.

FIC has divided the building into 175 units ranging from 300 square feet to just under 15,000 square feet. Depending on their location in the building - some of the upper floors have excellent views of Millennium Park - the units are priced from about $200 a square foot to about $340.

"Research tells us that in most condominium conversions, 10 percent of the existing tenants choose to buy their units," Mr. Farrell said. "But we think our opportunity is different. We're hoping for 50 percent conversions."

One early buyer is Maria Gracias, a dentist who moved in about 15 years ago and has a 2,100-square-foot office on the 18th floor.

"I remodeled five years ago and invested hundreds of thousands of dollars in the build-out," she said. "If I move, I have to leave all of that behind."

The second building, 211 West Wacker, was in a far more precarious state when Ameritus bought it last year.

"The building was 66 percent leased and on its way to 50 percent," Mr. Scherb said. "The issue for us was, How do we differentiate our vacant space from all the other vacant space in downtown Chicago?"

The answer, he added, was condos. "This is a little bitty building," he said. "The floors are only 8,750 square feet. But it's perfect for small, stable service companies who want to stabilize their facility costs."

Office condominiums are a particularly good fit for nonprofit companies and associations, he added, because such outfits receive substantial real estate tax deductions. "It can make a huge difference - up to $10 per square foot in downtown Chicago - in their occupancy costs," he said.

So far, the company has sold 14 of the building's 34 units, including one to Prevent Blindness America, a nonprofit association. Prices are roughly comparable to those in the Garland Building. "We keep gently raising prices because we don't know what the top of this market is in Chicago," Mr. Scherb said.

The city's real estate community is closely monitoring the progress of both projects. Office vacancy rates in downtown Chicago are a little more than 18 percent, the highest in more than a decade. In a market with about 120 million square feet of office space - the second-largest concentration of office space outside of Manhattan - that translates to more than 20 million square feet of empty space.

"There's a vibrant market for trophy buildings right now," said John Goodman, executive vice president and regional manager of Studley, a national tenant representative firm with offices here. "But it's not the same for Class B buildings, particularly the ones with high vacancy rates. So developers are looking at them and thinking, Rather than spend the money it's going to take to lease them, why not sell some of the raw space at a good price?"

On the tenant side, he added: "It's a chance for small operators to own space in downtown Chicago, something that has traditionally been very difficult. So condos work well for both parties."
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Old January 5th, 2006, 05:38 AM   #604
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According to Emporis, Avenue East's construction is on hold.

Does anybody know what the deal is with that?
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Old January 6th, 2006, 01:32 AM   #605
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http://www.midwest.construction.com/...005_p17-02.asp
From Midwest Construction


Cover Story - December 2005

Top 2005
111 S. Wacker Drive
Project of the Year: Overall
(12/01/2005)


The 53-story 111 S. Wacker Drive office is aimed at large tenants who are seeking open floor plans, data and communication services, dedicated power and cooling systems, a conference center and fitness facility.



The office floors provide 50- and 60-ft. column-free spaces between the core and exterior wall. The 40-ft. column spacing at the perimeter provides for planning efficiency and flexibility.

The office was designed with an emphasis on sustainability and to achieve Leadership in Energy and Environment Design certification from the Washington, D.C.-based U.S. Green Building Council.

Sustainable design initiatives include reusing the existing caisson and foundations from a previous building, green roof, high-performance glazing, high-insulating building envelope, high-efficiency chillers and digitally controlled HVAC and lighting systems.

The project has been submitted to the Green Building Council for LEED certification. If is achieves certification, it will likely be the first high-rise in the country certified with the Gold rating, LEED's second highest.

Focus on Flexibility

The 111 S. Wacker office focuses on flexibility, efficiency and economy for tenants.

Each office floor was designed to be free of interior columns. The floor plan features re-entrant northwest and southwest corners, with perimeter columns held back, to provide six column-free corner offices on each floor.

The plan maximizes exterior views of the skyline and interior daylighting. Tenant amenities include a 10,000-sq.-ft. fitness center and a comparably sized conference center.

A 389-stall parking garage provides public parking as well as tenant-reserved spaces, with direct elevator access to mid- and high-rises floors.

The typical floor enclosure expresses the column spacing with stainless steel column cladding that increases in width, symbolically indicating the increased loading as columns carry the loads to the foundations.

Between the columns, the building is enclosed with a curtain wall system of stainless steel, V-shaped mullions that complement the vertical expression of the column cladding. The mullion spacing is decreased at the parking floors to minimize the visual impact of the opaque glazing.

Has Major Mat

The site previously housed the USG Building, which was constructed in the 1960s and torn down more than 12 years ago, but the structure's basement walls were still in the ground.

A 100-sq.-ft. monolithically poured, 10-ft.-thick mat was poured to use these elements. The existing foundation walls were bermed with a high-density CA6 and rubble mix, and a soldier pile and lagging system was put in around the foundation mat.

This stabilized the earth and reduced the cost of a retention system. Using the existing elements not only saved costs but also satisfied LEED criteria for building reuse.

The street level appears to be open and spacious, although the footprint of the upper floors occupies almost the entire site.

The feat was accomplished by diagonally transferring the 40-ft. column spacing as it passes through the parking levels to 80-ft. column spacing at grade. This column transfer is visually expressed in the facade of the parking levels.

The lobby's openness is further enhanced by the cable-supported, water-white, nonreflective glass. The glass wall allows the indoor and outdoor areas to be perceived as a single, continuous space.

Inside the lobby, the concrete core is clad with a profiled, white Carrara marble that contrasts against a solid wall of red Rossa Verona enclosing the lobby on two sides.

Floor and ceiling patterns reflect the parking ramp above, creating a rhythm. The lobby's floor pattern extends beyond the glass enclosure, emphasizing the continuity of the interior and exterior space.

Cable Concerns

The building's structural frame was designed to resolve the reactions of the cable wall system.

The cables were prestressed up to 60,000 lbs. to reduce the wall deflections required by the radial glazing geometry. The structural framing of the parking levels was suspended from the 12th level between the V-shaped column transfers that slopes in two directions.

The warped parking floor plates were connected to the sloping columns and hangers. The radial access ramp was also suspended from the third floor, providing the curve geometry for the lobby and cable wall enclosure.

As the entire superstructure below the 12th floor was suspended, the contractors were required to temporarily shore the hangers. Extremely tight deflection criteria was needed to be maintained through the entire pre-tensioning, shoring and construction sequence as required for the scheduled installation of curtain wall panels and cable wall glass.

At least two major tenants have leased space in the building, accounting firm Deloitte & Touche and law firm Lord Bissell & Brooks.

The jury said, "The 111 S. Wacker Drive lobby is striking. It almost floats on its piers. Sept. 11 really threw them a curve ball, but they were able to incorporate increased security.

"Several things are impressive about the building. The LEED certification will probably be Gold. They're transferring loads. The parking is really cool. The net walls are arresting, and there are so many of them."



Key Players

Developer:
The John Buck Co., Chicago

General Contractor:
Bovis Lend Lease, Chicago

Architect:
Lohan Caprile Goettsch Architects,Chicago

Structural Engineer:
Magnusson Klemencic Associates,Seattle

HVAC Design-Build:
Hill Mechanical Group, Chicago

Electrical Design-Build:
Gibson Electric, Oak Brook

Lighting Design:
Cosentini Lighting, New York


111 S. Wacker Drive
Cost: $275 million


The 52-story 111 S. Wacker Drive tower in Chicago's West Loop features more than 1,000,000 sq. ft. of office space.

Two major tenants have leased space, accounting firm Deloitte & Touche of the 12th through 28th floors and law firm Lord Bissell & Brooks of the 41st through 52nd levels.

The building also includes 4,000 sq. ft. of retail and 485 parking spaces.

The tower has a cable wall system from the street level to the third floor, thereby providing a transparent look to the ground level.

The cable wall features about 70 cables that span approximately 50 ft. from the plaza level to the third floor.

At 1-in.-thick, the cable is a smaller diameter member than aluminum or steel mullion and does not interrupt the glass facade.

Each cable is stressed to a specific design tension, depending on the location, span and wind loads. The tensioning stiffens the cables, permitting them to handle positive and negative wind loads.

As each cable was tensioned and force was applied to the cable, the building t both the plaza and third-floor levels deflected slightly due to the applied loads.

Timing the cable wall installation was important, because structural components had to be in place before tensioning could begin.


Below Grade Work

A solid foundation already existed more than two stories below ground.
Bell caissons and the four foundation walls supporting the U.S. Gypsum Building, the previous structure on the site, were sound.

But a problem was the caissons had supported the building that was only 20 stories and on a 45-degree angle.

The only way to reconcile the new geometry to that of the old building was to add caissons. Old and new caissons were tied together through the use of a giant mat slab that was laid in a monolithic pour.

The existing foundation walls were bermed with a high-density CA6 and rubble debris mix, and a solider pile and lagging system was installed around the foundation mat to reduce the cost of a retention system.

Above grade, floors three through 12 are a megatruss that supports the building's upper floors. The truss sits on massive 5 ft., 9 in.-dia. columns. Two pipe columns start at the second basemen level and are jointed at street level by four more pip columns that rise up to the third floor.
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Old January 6th, 2006, 01:34 AM   #606
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http://www.midwest.construction.com/...005_p17-03.asp
From Midwest Construction

Top 2005
Hyatt Center
Project of the Year: High-Rise Commercial
(12/01/2005)


The Hyatt Center in Chicago's West Loop was started when the Pritzker family decided to develop a new headquarters for its Hyatt hotel chain.



The Chicago-based Pritzker Realty Group and Chicago-based Higgins Development Partners, the co-developer, gave architect Henry Cobb, founding partner of New York-based Pei Cobb Freed Partners, a month to develop a schematic design for a building that would maximize the use of the hemmed-in site and provide a column-free environment.

The site was relatively narrow because of existing buildings nearby. The Hyatt Center's lozenge shape provides maximum floor space with panoramic views.

The tower is composed of full-height glass, textured stainless steel spandrels and polished aluminum mullions. The entrances are also lozenge shaped and lead to halls that provide security screening before visitors move to a two-story-high glass lobby. It is flanked on the street side by live bamboo and on the building side by a bank of elevators.

Securing the Building

The design was intended to accommodate the challenges posed by the post-Sept. 11 world.

Increased security measures often have a negative effect on the experience of entering a building. As a result, the design was intended to ensure that while security measures are met, visitors would not have an off-putting experience.

A broad canopy invites visitors through a glazed vestibule into a 60-ft.-high reception hall with skylights. The elliptical shape dictates that these entries are located at end of the building.

From the reception areas, visitors proceed through low-ceiling foyers where security monitoring takes place.

The space is gently curved and appointed with a grove of bamboo trees on one side to act as a screen near the glazed perimeter. This area provides access to elevator lobbies in the central core.

The result is that the experience engages the occupant while still providing necessary security measures.

The jury said, "The Hyatt Center has a unique identifying massing. The lozenge shape is a unique architectural feature. The team faced unusual structural challenges. Architecturally, the sensitivity to the street level is good, and the architectural details, like the panels, are well done."

Key Players

Owner:
Pritzker Realty Group, Chicago

Developer:
Higgins Development Partners LLC, Chicago

Construction Manager:
Bovis Lend Lease, Chicago

Design Architect:
Pei Cobb Freed Partners, New York

Architect of Record:
A. Epstein and Sons International Inc., Chicago

Structural Engineer:
Halvorson & Kaye Structural Engineers, Chicago

Lighting Design:
Cosentini Lighting, New York


Completion 6: Hyatt Center at 71 S. Wacker Drive
Cost: $225 million*


The Hyatt Center at 71 S. Wacker Drive will house the eponymous hotel chain's headquarters.

Rising on a half block bordered by Wacker, Franklin and Monroe streets, the 1.75-million-sq.-ft. building will soar 49 stories.

Through the sixth floor, Hyatt Center's floor plates measure 50,000 sq. ft., with each of the floors above level six encompassing about 34,000 sq. ft.

A look at a few numbers demonstrates the project's impressive scope.

Covering 1.5 acres, Hyatt Center used about 12,000 tons of structural steel and feature about 65,000 cu. yds. of concrete. The exterior will be made up of about 7,000 unitized curtain wall panels measuring 5 ft. wide by one story - 14 ft., 2 in. - tall.

The site had been home to three buildings, two of which were the Hart Shaffner & Marx manufacturing plant and Kent College of Law. They fell to the wrecking ball in the 1980s, and the parcel had been used as a parking lot in recent years.


Penny's Pick

Penny Pritzker, a member of the family running the Hyatt chain, had stood atop a 50-story Loop high-rise on a bitterly cold day months before the groundbreaking to choose the exterior glass to be used on the Hyatt Center.

Light glass was sought because reflective buildings are not as effective aesthetically.

From a list of 50 glass alternatives, the design team narrowed the search to about a dozen and then a short list of three. A light box - a 3 ft. cube glass panes were slid into - was constructed to compare options. The box's objective was to demonstrate how the glass would look on the side of the building.

It was at this point that the Pritzker family went out on a cold day a block away from the construction site in late 2002.

Owatonna, Minn.-based Viracon was selected as the glass supplier.

A tight timetable was driving the project, and things were done to ensure the schedule was met.

For example, only one crane was required to complete the job, but two cranes were set anyway to ensure the capacity to erect steel.

The delivery and staging of materials benefited from the same careful planning.
Steel, for example, was manufactured in Wolcott, Ind., a two-hour drive from Chicago. When needed, the steel would be loaded on trucks and arrive onsite two hours later, ready for erection.

*Midwest Construction estimate
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Old January 6th, 2006, 01:45 AM   #607
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From Chicago Journal:

1/4/2006 10:00:00 PM Email this article • Print this article
Clark and Polk project gets a major rewrite
•Concord Homes scraps the town homes and moves the towers, but everybody’s happy

By HAYDN BUSH, Managing Editor



A little more than a year ago, the Concord Homes developers proposing a mix of high-rises and town houses near the southwest corner of Clark and Polk found themselves in the middle of a controversy. While their plans received high marks from the South Loop Neighbors community group, the Department of Planning and Development was less than thrilled with the original site plan, which massed high-rises on the southern end of the development near Ninth Street and placed town homes near Polk Street. Similarly, South Loop Neighbors members said they would be opposed to a reconfigured site plan with the high-rises centered near Clark and Polk, saying that doing so would create an unwelcoming urban canyon that would scare off pedestrians.


A year later, Concord Homes has apparently reconfigured the entire development, and the developers are expected to make two stops at South Loop community forums this week to unveil the new plans. While the developers did not return calls for comment this week, members of both community groups and officials with the DPD indicated that they expect to see revamped plans that would scrap the town homes for three high-rises instead. But while the project stalled a year ago, with community groups and DPD trading barbs, at first glance, the reconceived development appears to satisfy all involved.


Constance Buscemi, spokesperson for the Department of Planning and Development, said the developers have yet to show city planners a revised site plan. But Buscemi said the developers have indicated their desire to move the buildings closer to Clark and Polk, while lowering the parking bases of the buildings as well. Last year, city planners lobbied Concord Homes to move the buildings farther north, arguing that the high-rises would fit better into the Clark Street streetwall heading north into the Loop. Buscemi said the changes in the plan, as conveyed to DPD, appear to reflect the city’s wishes.


"The overall design fits better within the urban patterns of area," Buscemi said. "We understand the concept through talking to the developers, but we haven’t seen it yet. We still need to see them on paper."


Dennis McClendon, board member of South Loop Neighbors, said the last plans he saw showed three high-rises of roughly 30 stories in height, with one near the corner of Clark and Polk, one roughly 400 feet to the south, and the third next to the Metra tracks west of Clark Street. While McClendon said he has only seen a site plan, and not actual renderings of the plans, he said he was tentatively pleased with the layout of the development.


"They’re generally well-arranged," McClendon said.


The project, McClendon said, would also include a parking structure of roughly six stories along Polk Street. McClendon said he’s hoping the developers will make allowances to prettify the stretch of Polk Street just west of Clark, which he believes will become a heavily trafficked pedestrian route if a movie theater complex planned near Roosevelt Road is completed. McClendon said he would have liked to see the developers build town houses to help hide the parking garages.


"We’re not terribly worried about the town houses being gone as a product type, but those are a useful way for them to mask parking garages," McClendon said, though he acknowledged that doing so would have made it difficult to fit the other towers into the site.


Matt Wos, a member of the Dearborn Park Advisory Council, said the developers also met with his board, and said the buildings as proposed would not cast large shadows over Dearborn Park, which some residents had been concerned about after seeing the first version of the plans.


"These are really well-planned out buildings," Wos said. "We’ve always been in favor of smart growth."


Concord Homes officials were expected to make two stops this week to unveil the new renderings, starting with a visit to the Dearborn Park Advisory Council after press time Jan. 4, and concluding with a stop at the South Loop Neighbors meeting scheduled for 7 p.m. Wednesday, Jan. 12 at Grace Place.
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Old January 7th, 2006, 06:01 AM   #608
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Great story! There is not a lot of information out there on this project right now, and I have been trying to keep tabs on this one. I will have a view of this project going up outside my condo. I hope they do "prettify" Polk Street. I think the city should make that a standard with any development or use TIF money for aesthetics so that everyone can benefit from it.
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Old January 7th, 2006, 01:25 PM   #609
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I am wondering I know the loop ...Chi CBD has the second largest commercial space in the nation after Manhattan .....but what are the numbers for comparison sake??
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Old January 9th, 2006, 06:21 AM   #610
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My favorite current bait-and-switch project... Prentice Women's Hospital.





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Old January 9th, 2006, 04:12 PM   #611
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http://www.globest.com/news/448_448/.../141752-1.html

Office Market Doldrums Expected to Linger Downtown
By Mark Ruda
Last updated: January 6, 2006 09:35am


CHICAGO-While the rest of the US office market is in danger of having its recovery short-circuited this year, slow job growth and new construction will likely stymie any comeback attempts here this year, especially Downtown.


“With additional new space coming online and tenants consolidating into smaller, more efficient spaces, there will be further negative absorption ahead,” predicts Grubb & Ellis Co. national director of market analysis Robert Bach.


Bach notes four million sf of new space could be added with plans for three new buildings in the West Loop and River North submarkets by 2009. Already, recently completed buildings were supported by anchor tenants looking for a prominent position in trophy properties, rather than market fundamentals, he adds. “The number of contiguous blocks of space 100,000 sf and larger will increase to 46 within the next two years,” Bach predicts.


On the other hand, construction is minimal in the suburbs, where the outlook is a bit more promising. “Discipline on the part of developers with regard to spec buildings is showing early signs of paying off,” Bach says. “Overall suburban vacancy rates will decrease slightly if no major construction commences.”
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Old January 9th, 2006, 05:40 PM   #612
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Geoff-- why 'bait and switch'? Is this project on hold?
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Old January 9th, 2006, 06:37 PM   #613
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No, it's not on hold. Just not what we were promised. When the rendering was originally released a few years ago, I remember the sweeping convex facade that faces Fairbanks being composed of all glass. Now, they've stripped all that away and left us with just the very northeastern corner being glazed. Of course, there's windows along the rest of the facade, but, nothing along the lines of what I expected.
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Old January 9th, 2006, 06:55 PM   #614
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^ actually, its pretty close to the rendering, i don't see how this one is a bait and switch. you may not be happy with the results, but it's not like the rendering lied.

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Old January 10th, 2006, 12:54 AM   #615
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Well, that isn't the original rendering. I was looking all over for it this morning and I couldn't find it; but, I distinctly remember the rendering that was given a few years ago and the whole curve was glass.
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Old January 10th, 2006, 12:59 AM   #616
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Is it this one?



Last edited by spyguy; January 10th, 2006 at 01:09 AM.
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Old January 10th, 2006, 02:23 AM   #617
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Why must we expect everything to be glassy all the time?

Since when was glass so damn attractive?

This isn't Dallas, Texas--it's Chicago
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Old January 10th, 2006, 02:36 AM   #618
Chi_Coruscant
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http://www.chicagobusiness.com/cgi-bin/news.pl?id=19072

Jones Lang LaSalle wins bidding to redevelop Union Station
by Alby Gallun

(Crain’s) — A joint venture led by Jones Lang LaSalle Inc. has won the bidding to redevelop part of Union Station into a hotel, condominiums, office and retail space.

Jones Lang LaSalle and a company headed by two former executives at the Chicago-based real estate firm plan to redevelop about 500,000 square feet of vacant former railroad offices in the West Loop building and build an 18-story tower on top of it. The project would cost about $250 million.

Amtrak, which owns the building at Clinton, Canal, Jackson and Adams streets, has agreed to enter into exclusive development negotiations with the Jones Lang LaSalle joint venture. An Amtrak spokesman declined to say when the agreement expires or identify other parties that participated in the bidding.

Completed in 1925, Union Station was supposed to include a high-rise under the vision of its original designer, famed architect Daniel Burnham. Mr. Burnham’s successor firm, Graham, Anderson, Probst and White, completed the building’s design after Mr. Burnham’s death in 1912.

Jones Lang LaSalle is teaming up on the project with Youssefi-Scott Development Co., a development firm founded by Hossein Youssefi, a former Jones Lang LaSalle executive, and Stuart Scott, the firm’s former chairman and CEO.

“Our goal is to perpetuate Burnham’s historic vision for Union Station and at the same time create a state-of-the-art, mixed-use facility that includes office space built for the 21st century,” Mr. Youssefi said in a statement.
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Old January 10th, 2006, 02:44 AM   #619
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I hope this is good.
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Old January 10th, 2006, 02:46 AM   #620
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Quote:
Originally Posted by The Urban Politician
Why must we expect everything to be glassy all the time?

Since when was glass so damn attractive?

This isn't Dallas, Texas--it's Chicago
Concrete is attractive? Especially for a Hospital?
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