110 North Wacker Explained

110 North Wacker
Alternate Names:Bank of America Tower
Status:Completed
Building Type:Office building
Address:110 North Wacker Drive
Chicago, Illinois, U.S.
Coordinates:41.8837°N -87.6374°W
Start Date:2018
Est Completion:2020
Topped Out Date:September 2019
Roof:817feet
Floor Count:57
Architect:Goettsch Partners
Developer:Howard Hughes Corporation
Main Contractor:Clark Construction

110 North Wacker, also known as the Bank of America Tower,[1] is a 57-floor skyscraper in Chicago located at 110 North Wacker Drive. It was developed by the Howard Hughes Corporation and Riverside Investment & Development.[2] It was designed by Goettsch Partners[1] with construction by Clark Construction.[3] Structural engineering was by Thornton Tomasetti.[4] A topping-out ceremony was held in September 2019 and the building officially opened in on October 14, 2020.[1]

With a height of and containing 57 stories,[5] [1] it is the tallest all-commercial building in Chicago since Two Prudential Plaza in 1990.[6] Bank of America has committed to leasing of office space in the building.[6] Perkins Coie has also signed a lease to the building.[7]

Construction

The address was previously the site of the GGP building, which was constructed in 1958 and served as the headquarters of Morton Salt until 1990, after which it was the headquarters of General Growth Properties (GGP) starting in 1997.[8] The Howard Hughes Corporation and Riverside Investment & Development purchased the site in 2014, and plans for a new building were announced in early 2017, being approved by the Chicago Plan Commission in March and again in revised form in December.[9]

In 2017 GGP agreed to leave the premises starting in early 2018.[8] In August 2017 the Illinois Historic Preservation Agency found that the GGP building was eligible for the National Register of Historic Places,[8] which resulted in the United States Army Corps of Engineers giving public notice that demolition of the building would constitute an "adverse effect" on the surroundings.[10] This required a period for public comments and could have jeopardized the future of the development.[10] It was ultimately decided that some of the facade of the GGP building would be incorporated into the base of the new building, and the GGP building was demolished beginning in January 2018.[9]

Barges were used extensively in the construction of the new building, much of which also took place on the lower levels of the multi-level Wacker Drive.[6] An ordinance requiring open air for a riverwalk would have rendered the project uneconomical if interpreted literally, so the building was allowed to overhang the riverwalk by .[6]

Sale

On December 28, 2021, it was announced that Callahan Capital Partners and Oak Hill Advisors had purchased 110 N. Wacker from Howard Hughes Corp. for more than $1B.[11] [12]

External links

Notes and References

  1. News: Ori . Ryan . A new Wacker Drive skyscraper - the tallest office tower to be built in Chicago in the last three decades . limited . February 15, 2020 . . October 1, 2019.
  2. Web site: Ecker . Danny . Howard Hughes looks to sell new Wacker Drive skyscraper . . October 22, 2019 . February 15, 2020.
  3. Web site: 110 North Wacker . Clark Construction . February 15, 2020.
  4. Web site: 110 North Wacker . 2022-03-23 . Thornton Tomasetti . en.
  5. Web site: PD No. 1369, 110 N Wacker Dr. . gisapps.chicago.gov/ . Department of Planning and Development City of Chicago . 10 October 2020.
  6. Web site: LaTrace . AJ . Koziarz . Jay . 7 reasons why Chicago's 110 N. Wacker project isn't just another office building . Curbed . May 9, 2017 . February 15, 2020.
  7. Web site: Jordan . John . Law Firm Signs 100K Lease at 110 North Wacker Drive . GlobeSt.com . May 21, 2019 . February 15, 2020.
  8. News: Ori . Ryan . Riverside Wacker tower plan hits snag . February 16, 2020 . Chicago Tribune . B2 . December 8, 2017 . Newspapers.com.
  9. Web site: Koziarz . Jay . General Growth Building ready to bite the dust for new riverfront office tower . Curbed . January 26, 2018 . February 16, 2020.
  10. News: Ori . Ryan . Riverside Wacker tower plan hits snag . February 16, 2020 . Chicago Tribune . B1 . December 8, 2017 . Newspapers.com.
  11. News: Grant . Peter . Chicago Office Tower Valued at Over $1 Billion in Purchase by Oak Hill Advisors . . December 28, 2021 . December 29, 2021 . subscription.
  12. News: Chicago investor in megadeal for Wacker Drive tower . March 30, 2022 . Crain's Chicago Business.