Posts tagged with "111 West Wacker Drive":

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Chicago’s Willis Tower reportedly up for sale

Chicago's tallest building may be on the market, and it might even have a buyer. Crain's Chicago Business reporter Ryan Ori said Tuesday that the owners of the Willis Tower have hired Eastdil Secured to seek a sale of the 110-story tower. Real estate mogul Joseph Chetrit, developer Joseph Moinian and Skokie-based American Landmark Properties could fetch as much as $1.5 billion—a sum that would dwarf some of the eye-popping price tags from 2014. The current owners also broke records when they bought the tower in 2004 for $840 million. It's another sign of the real estate resurgence for downtown properties. Consider the $850 million deal to nab 300 North LaSalle Street, or the record-breaking sale of OneEleven. Completed in 1973 as the Sears Tower, the building was the world’s tallest for 23 years until Kuala Lumpur's Petronas Towers outreached Sears by a hair. Willis got its current name in 2009 as part of an agreement with London-based insurance broker Willis Group Holdings, though many Chicagoans steadfastly refer to it by its original name. Designed by Bruce Graham and Fazlur Rahman Khan of Skidmore, Owings & Merrill, the building's powerful silhouette and distinctive expression of its bundled-tube structural system have made it a defining feature of the Chicago skyline. Willis is currently 84 percent leased. Its two largest tenants are United Airlines and law firm Schiff Hardin, who both have their corporate headquarters there. If the deal goes down, future owners would likely explore ways to lease new space—occupancy has risen in recent years as downtown neighborhoods have begun to attract more jobs and residents.
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Eavesdrop> From architectural zombie to cash cow: Stalled Chicago development site pays off big

  Most developers did some serious belt-tightening during the recession, but news of a record-breaking real estate deal from late last year proves it sometimes pays to take a little risk. Related Midwest bought the concrete podium of an aborted development at Chicago's 111 West Wacker Drive in 2011, after plans for a Shangri-La hotel there went up in smoke. Chicago-based real estate investment firm Heitman reportedly paid roughly $333 million for the luxury rental building Related finished last summer, OneEleven. That’s about $661,000 per unit—a new high for a downtown apartment sale. This high-rise zombie lives, and it’s apparently very lucrative.
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Pictorial> OneEleven, Chicago’s ritzy Loop residential with a rocky history

Developers Related completed its resurrection of 111 West Wacker Drive earlier this year, opening a luxury rental tower on the Chicago River where for years stood a ghostly concrete frame left over from a previous owner's attempt to build. The site was originally intended to house the first Shangri-La Hotel in the U.S. Four years after the recession halted construction with just 28 stories of structural skeleton complete, Related broke "ground" again, this time planning about 60 stories and about 500 luxury apartments. That redevelopment finished up this summer, opening in July. About 60 percent of the units have since been rented, said Related spokeswoman Tricia Van Horn. Renting is the only option for the 504 units, which range from 575-square-foot studios to three-bedroom, three-bath residences of 2,400 square feet. They cost anywhere from $2,395 to $11,500 a month for one of the four penthouses. OneEleven's segmented construction led to some interesting design adaptations. Having scaled back from pre-recession ambitions, the new owners stacked a smaller building on top of the 28-story base, bifurcating the floorplate and creating some interesting outdoor spaces where the Shangri-La plan juts out at the 28th floor. A recessed zig-zag in the facade references datum lines of nearby buildings and alludes to the unusual construction history while shielding the transition between its disjointed floorplans. Views from outdoor “Club OneEleven” down Clark Street are spectacular, if marred a bit by the building's neighbor to the south. But rather than cram lower south-facing floors with low-light apartments, Related conceded that space to back-of-house, building systems and some amenities. The luxury rentals are targeted to “people who are really interested in having an urban life,” Van Horn said, underscoring the building's singular position in this section of the Loop not typically known for residential developments. Take a look inside OneEleven with these photos by Scott Frances.
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Stalled Wacker Drive Development Breaks Ground Once More

For years Chicago’s celebrated architectural boat tour has started its journey at 111 W. Wacker, a 28-story symbol of the great recession and stalled real estate development. Now they are one step closer to a launch more fit for neck-craning. Construction workers broke ground Thursday on the dormant project once again, reviving the high-rise once intended as the first Shangri-La Hotel in the United States. The 950,000-square-foot Waterview Tower will reach 60 stories when completed in the Spring of 2014, housing 504 luxury rental units and more than 400 parking spaces. There will be ground-floor retail and a restaurant. The tower stalled in 2008 and developers Related Midwest scooped it up in July 2011 through a distressed real estate fund. Related has been busy lately, announcing work on projects including 500 North Lake Shore Drive, the Lathrop Homes, and roughly half of the built and unsold condo units in the South Loop. Alderman Brendan Reilly and Commissioner Andrew Mooney of the Chicago Department of Housing and Economic Development joined Related President Curt Bailey for the groundbreaking. Construction will create 900 jobs, something union representative Tom Villanova said came as welcome news to construction workers who had been facing 25 percent unemployment.