Iconic Chicago Office Tower in Planning
Published by Hedley on Friday, May 18 2012 at 5:35 AM
A 45 floor office building will be joining the Chicago skyline in 2016, as plans are announced for ‘River Point’ which will be owned by Canadian pension giant, Hines.
The $300 million project will be the biggest in five years for downtown Chicago and will sit on the banks of the Chicago River on Lake Street.
It will provide a massive 900,000 square feet of new office space in Chicago.
Although no tenants have yet signed to the new building, demand in the area has been increasingly high and regional commercial property experts are confident that occupancy will encounter no roadblocks.
“There’s a little more optimism about the downtown area over the last year,” James Kutill, VP of Chicago business, Appraisal Research Counselors, told Bloomberg in a telephone interview. “Definitely more than the suburban markets.”
Building at River Point is expected to begin before the end of 2012 and although no leases have yet been secured, must interest is rumored from local businesses.
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