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Whiskey Tango Foxtrot
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55,632 Posts
Discussion Starter #1 (Edited)


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Beitler Pulls Nearby Tower, Boosts John Buck's Plans For 36 Story Tower At 151 N. Franklin St.



J. Paul Beitler has dropped a plan to build a 23-story office tower in the Loop, boosting a competing proposal for a high-rise John Buck wants to build next door.

With one fewer competitor, Mr. Buck is pushing ahead with his development at 151 N. Franklin St. after raising $145 million in equity for the 36-story building, one of several downtown office projects on the drawing boards. But he still needs city approval and an anchor tenant before he can break ground on the 825,000-square-foot tower.

Mr. Beitler bowed out after his partner in the project at 200 W. Randolph St., Northbrook-based Next Realty LLC, sold the parking garage there to a venture of Chicago-based InterPark Holdings Inc. for $23 million Oct. 28, according to Cook County records. Mr. Beitler's tower would have blocked eastern views from Mr. Buck's building.

“That ensures views to the east and reinforces the Buck location,” said tenant broker Todd Mintz, co-managing director in DTZ's Chicago office. “This will be a big plus for Buck's development.”

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Minneapolis==>Chicago
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1,421 Posts
Demolition of existing building coming

The Walgreen’s store that currently occupies the lot at the corner of West Randolph Street and North Franklin closes for good at 5:00pm today. Employees confirm it is being torn down to make way for the new skyscraper.
Loop Spy Dan went by there yesterday and talked to some construction-looking workers who also confirmed that demolition was imminent. Then today he sent in photos of the city’s public notice posters.
We last reported on 151 North Franklin back in December of 2013 when it had its public hearing. In spite of the generous spread put out by Mr. Buck’s company, the cold kept many people away. There wasn’t much neighborhood opposition to the project because hardly anyone actually lives near that location, and most of the views impacted will be from other office buildings. The city approved the skyscraper in April.
Architect John Ronan took pains to point out that the entryway and public space for 151 North Franklin was specifically designed to relate to its sister building across Franklin street at 155 North Wacker Drive. The two buildings framing 155′s pocket park, he hoped, would create a vibrant public space spanning two city blocks. He even spoke of office workers gathering on the steps under the entryway of 151 with their laptops to have meetings al fresco.
Now we’ll get a chance to see if his vision comes true. Keep an eye out for demolition equipment. Word on the street from Loop Spy Dan is that construction of the new building could begin as soon as the Fall.
http://www.chicagoarchitecture.org/2014/08/22/here-comes-151-north-franklin/
 

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Whiskey Tango Foxtrot
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55,632 Posts
Discussion Starter #7
Resurgent Franklin & Randolph Tower Takes Big Step Forward



Will a potential lease be a catalyst for new construction in the Loop? According to Crain's, the proposed 36-story John Buck office tower at 151 North Franklin may have just moved off the back burner and one step closer to ground-breaking. Law firm Freeborn & Peters, who signed a letter of intent on a few floors of office space, is looking at a 15-year lease. Landing a big tenant will open up the venture to more construction financing, and in the words of a broker, "makes the project for real."

Back in 2013, the tower proposal turned heads, but with only $145M in equity, this was still undoubtedly a proposal, and still required construction loans and a demolished Walgreen's to move forward.

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Let's Revive our Cities
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2,498 Posts
I sure hope that boring box is either just a massing study or that it is well detailed minimalism like 4 WTC and 250 West 55th in NYC.
 

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Whiskey Tango Foxtrot
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55,632 Posts
Discussion Starter #10
151 North Franklin Forging Ahead, Could Break Ground This Fall

Remember that great big blue skyscraper that the John Buck Company wanted to build at the corner of North Franklin and West Randolph Streets? The one that they shut down a Walgreens and a Chinese take-out joint to build, but to date nothing has happened? Well, stuff’s happening; you just can’t see it.

Loop Spy Dan shared a bit of information with us straight from the developer, that one major tenant is already signed up for the building, and when a second one can be brought on board, they’ll be ready to start. The comment from the Buck Company indicated that it hopes to button up the second deal this summer so that construction can begin in the fall.

This comes immediately after a public meeting for 130 North Franklin was called by 42nd Ward Alderman Brendan Reilly. At this rate the corner of Franklin and Randolph could see two huge new skyscrapers under construction simultaneously just six months from now.
 

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It was aliens
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4,603 Posts
37 stories and 600ft?

Man those are high ceilings, but it doesn't even look 600' in the renderings.

This building is kind of lame honestly, but at least it's a filler.

I'm sick and tired of non supertall proposals for Chicago haha :lol:
 

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Whiskey Tango Foxtrot
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55,632 Posts
Discussion Starter #17
CNA Ditching Red HQ for New John Ronan-Designed Tower

The downtown office market continues to heat up as real estate powerhouse John Buck Company has announced a deal for Chicago-based CNA Financial to anchor its upcoming 35-story Class A office tower at 151 N. Franklin. The unique agreement also involves CNA selling its iconic red namesake tower — a building that CNA has owned and occupied since opening in 1972 — to John Buck Company in the process. With 151 N. Franklin not slated for occupancy until the Summer of 2018, CNA will continue to lease its current office space back from Buck in the meantime.

CNA's new global headquarters will occupy 275,000 square square feet in the yet-to-be-built tower that replaces a low-rise Walgreens and parking lot. Joining a 100,000 square foot commitment by law firm Hinshaw & Culbertson LLP signed earlier in the year, CNA's move brings the building's roughly 820,000 square feet of total space to 47% pre-leased. As part of the deal, 151 N. Franklin will now be named CNA Center.

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