Posted Jan 2, 2013, 8:44 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,919
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http://online.wsj.com/article/SB1000...googlenews_wsj
Towers of Speculation
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By MAURA WEBBER SADOVI
January 1, 2013
Quote:
Despite sluggish demand for U.S. office space, a handful of developers are moving forward with plans to build new office towers even before they have lined up tenants—reviving the risky game of speculative development.
The number of such developments is relatively small, but in the past 12 to 18 months, several big developers have said that they are ready to break ground. One of the latest such moves comes from Hines, the global real-estate investor and developer based in Houston, which has teamed up with Canada's Ivanhoe Cambridge to build a 45-story office tower called River Point in Chicago's West Loop. The companies announced their plans in May and say construction will start during the first quarter.....Hines said the building is a top candidate for several anchor tenants including law firm McDermott Will & Emery. McDermott is expected to need at least 250,000 square feet if it moves from its current downtown Chicago location after its lease expires in 2017. The firm said it hasn't yet made a decision.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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