CHICAGO | General Developments

[mh777]

Looks like JPMorgan Chase will not be anchoring that 725 W Randolph development...

JPMorgan commits to Loop with Chase Tower renovation

“We take great pride in how we support Chicago, particularly the business district,” said Tony Maggiore, managing director and Midwest and Canada segment head for middle-market banking and specialized industries at JPMorgan. “We take that very seriously, our role in preserving the Loop and restoring some of the activity that occurred years ago.”

Chase Tower’s proximity to train and bus lines was critical in the decision, as around 7,200 employees commute to the building

The renovation, the first in more than 20 years for the 55-year-old building, will refurbish the the outside plaza, update the lobby, mezzanine and food hall, and build a fitness center in addition to improving workspaces throughout the building.

It also will include a new conference and client center at the top of the 60-story tower, known for its unique inward-sweeping curve, and renovate the elevator system.

[marothisu]

Maybe one of the articles will pick up on the big headcount expansion over the last few years in Chicago that a lot of media hasn't picked up on.

[Chi-Sky21]

Good to hear it. Love that building.

[twister244]

I view this more of an acknowledgement (despite what Jamie Dimon says publicly) that throwing a bunch of money towards a shiny new office building just doesn't pencil out...... Because for many people, remote work is here to stay.

If Chase were expanding at a rate that was large enough to justify a new building, even with people only coming in partially at best, then maybe something smaller might emerge.

However, given they already have a massive building in the loop in a good location, I get it.

Sucks for us hoping for a shiny new tower, but that's the new reality we live in......

[marothisu]

Originally Posted by twister244

I view this more of an acknowledgement (despite what Jamie Dimon says publicly) that throwing a bunch of money towards a shiny new office building just doesn't pencil out...... Because for many people, remote work is here to stay.

If Chase were expanding at a rate that was large enough to justify a new building, even with people only coming in partially at best, then maybe something smaller might emerge.

However, given they already have a massive building in the loop in a good location, I get it.

Sucks for us hoping for a shiny new tower, but that's the new reality we live in......

JPMC has hired a ton in Chicago the last 3 years. Consider that not every floor in Chase Tower is built out, and the tower already has room for expansion built into it. The company has been struggling with office space issues because of the level of expansion.

This is a major, major renovation for the record.

[Chisouthside]

I got a buddy who works for chase and him and a bunch of people from his general area are working out of the citadel center because of the aforementioned renovations/space issues.

[marothisu]

Originally Posted by Chisouthside

I got a buddy who works for chase and him and a bunch of people from his general area are working out of the citadel center because of the aforementioned renovations/space issues.

And that building also has space issues LOL

[Chisouthside]

Originally Posted by marothisu

And that building also has space issues LOL

Yeah i asked my buddy about that too after citadel moved their hq to miami and he also feels like citadel hired even more people in chicago after the hq move.

[marothisu]

Originally Posted by Chisouthside

Yeah i asked my buddy about that too after citadel moved their hq to miami and he also feels like citadel hired even more people in chicago after the hq move.

Yes, I know some people who got hired at Citadel in Chicago AFTER their announcement. I know a guy who moved from NYC to Chicago because he got hired at Citadel. I have an employee whose husband works for Citadel and has for a number of years. We laughed at how badly the media got this wrong thinking they literally moved and shut their office down. They're friends with the CEO of Citadel Securities (Peng Zhao) who has no intention of moving out of Chicago right now too.

[twister244]

Originally Posted by marothisu

JPMC has hired a ton in Chicago the last 3 years. Consider that not every floor in Chase Tower is built out, and the tower already has room for expansion built into it. The company has been struggling with office space issues because of the level of expansion.

This is a major, major renovation for the record.

For sure, and maybe I am wrong, and they are focusing on this first before considering a new tower.

Either way, it's a win for the Loop and downtown in general. This plus Google nearby will work wonders for keeping the loop away from the death spiral we hear about plaguing some areas.....

[Kngkyle]

As nice as it would be to have a fancy new tower somewhere this is probably the better outcome for the city.

[Steely Dan]

This is marvelous news for the central loop!!!

Anyone hear of a dollar value attached to this renovation project?

[marothisu]

Originally Posted by twister244

For sure, and maybe I am wrong, and they are focusing on this first before considering a new tower.

Either way, it's a win for the Loop and downtown in general. This plus Google nearby will work wonders for keeping the loop away from the death spiral we hear about plaguing some areas.....

Don't forget about Amazon's big expansion that the media doesn't know about yet, which isn't far away from Chase Tower

Originally Posted by Steely Dan

Anyone hear of a dollar value attached to this renovation project?

No but it will take multiple years and it will take nearly 1000 people to do the renovation work. It's a massive project and is surely going to cost tens of millions of dollars, based on what I heard.

[ithakas]

Great to hear – I hope plans for the new Chase Tower plaza consider the Loop's future as a more mixed-use district. I suspect that Monroe will become the most important east-west thoroughfare in the central Loop, connecting the more established mixed-use district east of State to the LaSalle Street corridor. A plaza with more active use could really add to the vitality of the area.

If anyone at or connected with Gensler is reading this, I recommend checking out ChartierDalix's plans for the plaza as part of a re-envisioned, mixed-use Loop.

[Chi-Sky21]

Marothisu you said it has "room for expansion built into it " what did you mean there?

[marothisu]

Originally Posted by Chi-Sky21

Marothisu you said it has "room for expansion built into it " what did you mean there?

I have heard there's multiple floors that JPMC controls (they own the building) that are completely unoccupied. Actually there's 6 building permits already for interior demo on floors I've heard are unoccupied today. That's what I mean - 6 floors could easily accommodate over 1000 more people.

People are assuming every floor is occupied or fully occupied and I've heard this is not the case. Multiple floors that have no workers on them right now. The scope of the renovation is basically every floor in the building down to the lower plaza level (below grade).

[ORD2010]

Originally Posted by marothisu

Don't forget about Amazon's big expansion that the media doesn't know about yet, which isn't far away from Chase Tower

Uhm, care to elaborate??

[marothisu]

Originally Posted by ORD2010

Uhm, care to elaborate??

Amazon hired a bunch of people during the pandemic remotely. Then when Amazon decided to go Hybrid, they told all the Midwest workers not already in Chicago/the area to move to Chicago or find a new job. This is what a friend who's high up there told me last year. They're building out new floors of office in The Loop (or were) IIRC.

[Randomguy34]

925 W Belmont | 11 stories | 210 units | 36 parking


https://www.44thward.org/development...925-w-belmont/

[pip]

^The 925 W Belmont project above.

Wow, Lakeview has changed since I moved there in 2003. From the Punkin' Donuts, all the funky stores, 24 hour restaurants, the 'interesting' bars and such. Not opposed to this development but it does knock down part of what made Lakeview unique and it tells me how much Lakeview has changed and everyone says that as they get older. I get all that