CHICAGO | River Point | 730 FT | 52 FLOORS

[spyguy]

20130115 05 Interlocking Tower Demolition by davidwilson1949, on Flickr


20130115 04 Interlocking Tower Demolition by davidwilson1949, on Flickr

[ardecila]

Damn it.

[Tom In Chicago]

Originally Posted by eaguir3

shall we move this thread?

Ceremonial ground-breaking does not mean construction. . . looks like it will happen soon enough and we'll move the thread at that appropriate time. . .

. . .

[Notyrview]

Originally Posted by ardecila

Damn it.

Yea sucks.

[sloop.chi]

Good for the city, good for the neighborhood except one thing. Is there going to be basically a blank wall alongside Lake St at street level?

Its already a kind of dark connection point, will only make it worse

[the urban politician]

Originally Posted by Notyrview

I said this year is interesting b/c River Point, 111 W Wacker, Wolf Point (phase one), and 435 N Park will dramatically alter the riverscape, which is arguably more significant than boom volume (especially when much of it is cynical beige precast...blech). River Point, while not an Aqua or a 600 N Fairbanks, is on par with (maybe better) than boom trophies like 300 N Lasalle and 340 on the Park.

Also significant is the construction of Maggie Daley Park.

^ Ahh, I see where you're coming from.

I agree that some buildings in some pretty notable and prominent sites do seem to be all going up at once right about now. Also add to that list some highrises along the west "bank" of the Kennedy are probably about to start soon.

[Rizzo]

I'll shed a tear on that building getting demoed. It's a nice looking structure. But I do realize I'll get over it as soon as this tower starts to rise. In the end, I'm sure I'll be impressed.

[Chicago_Forever]

River Point office tower lands law firm as anchor tenant

http://www.chicagorealestatedaily.co...-anchor-tenant

Houston-based Hines Interests L.P. and local developer Larry Levy have revived plans for their River Point office tower along the Chicago River at 444 W. Lake St. in the West Loop. Downtown Chicago's first spec office tower in more than a decade had landed an anchor tenant.


Law firm McDermott Will & Emery LLP signed a letter of intent to lease about 225,000 square feet in the 45-story tower, called River Point, which is expected to be completed sometime in 2016, according to a source. If the lease is finalized as expected, the firm will move from 227 W. Monroe St. in the Franklin Center office complex, where its lease expires in 2017.

[Notyrview]

^ Now if Hines will just add back the 10 floors it cut. This is ultra competitive real estate, unlikely to be matched for years, even with Wolf Point on the table.

[the urban politician]

Originally Posted by Notyrview

^ Now if Hines will just add back the 10 floors it cut. This is ultra competitive real estate, unlikely to be matched for years, even with Wolf Point on the table.

^ And the hotel next door.

Nothing says lovin like total obstruction of the sun from the west.

The 2 sexiest things in downtown real estate are 1) submerged transportation infrastructure and 2) obliteration of the sun.

In its previous incarnation, this project accomplished both.

[Chicago_Forever]

Originally Posted by Notyrview

^ Now if Hines will just add back the 10 floors it cut. This is ultra competitive real estate, unlikely to be matched for years, even with Wolf Point on the table.

I think only 7 floors were cut and I believe one of the several recent press releases mentioned that they might make it 50 storeys depending on how well leasing goes. So we might at least end up with 50 storeys which isn't bad for that site although I do agree that a building taller than 300 N. LaSalle would be perfect. I also hope the hotel gets built sometime in the future.

[Notyrview]

Originally Posted by Chicago_Forever

I think only 7 floors were cut and I believe one of the several recent press releases mentioned that they might make it 50 storeys depending on how well leasing goes. So we might at least end up with 50 storeys which isn't bad for that site although I do agree that a building taller than 300 N. LaSalle would be perfect. I also hope the hotel gets built sometime in the future.

Oh that's good news.

[jcchii]

It's billed as spec

so make it more spec

[jarta]

Nothing says lovin like total obstruction of the sun from the west.

The 2 sexiest things in downtown real estate are 1) submerged transportation infrastructure and 2) obliteration of the sun.

I like River Point. I'd even like a few more stories. 50-60 sounds nice. But, it's only a letter of intent from MWE. It's not a contract to rent. And, the letter's only for about 25% of the space. It's a good start, but the construction was delayed until the letter of intent was signed. So, River Point's not totally a spec building. And the market for office space is not that tight yet.

There will be no hotel building at River Point. The area where the hotel was planned has been deeded to the City for a public park and the deed has been recorded.

I thought everybody here got off on the skyscraper mimicking a male organ. My skyscraper's taller than yours! That juvenile male comparative civic pride I can understand.

But, obstruction and obliteration of the sun? You sure are into weird sex. IMO, . Whatever GYO!

[J_M_Tungsten]

Lots of contracts are coming up, and many companies are looking to modernize. I'd say 300 N. Lasalle and 353 N. Clark are doing pretty well for a reason in this market. Also, the law firms are always looking to impress their clients. River Point could very well be that place with the "it" factor in Chicago. That is going to be one sick view...

[jarta]

Originally Posted by J_M_Tungsten

Lots of contracts are coming up, and many companies are looking to modernize. I'd say 300 N. Lasalle and 353 N. Clark are doing pretty well for a reason in this market. Also, the law firms are always looking to impress their clients. River Point could very well be that place with the "it" factor in Chicago. That is going to be one sick view...

For efficiency purposes, law firms prefer to drop anchor near the court rooms. MWE is 1/2 litigators and 1/2 transaction wheeler-dealers. A little bird tweeted me that the deciding factor was price, not view or proximity to the court rooms.

But, if the lease is ever signed, 1/4 of the River Point building would be rented - starting in 2017 when the MWE lease expires. (4 years from now!) Of course, Hines could buy out the balance of MWE's existing lease to get the firm in early.

Crain's said today: "McDermott's offices are at 227 W. Monroe St., where a lease for about 250,000 square feet expires in 2017. The firm will move to its new building in spring of that year."

But, at least it will be a knock-out view and it's a blue chip tenant (taking about 10% or 25,000 sq. ft. less space than it has now).

[harryc]

Then and now

March 2008


January 2013

Getting ready for the ceremony


One last set

[scalziand]

Originally Posted by harryc

Then and now

March 2008

This image gives me a thought, it'll be really cool if the towers on Wolf Point and River Point are rising at the same time, just like Trump and 300 N. LaSalle were.

[Taller]

So how did the official groundbreaking go?

[ardecila]

Originally Posted by scalziand

This image gives me a thought, it'll be really cool if the towers on Wolf Point and River Point are rising at the same time, just like Trump and 300 N. LaSalle were.

It'll happen. It might take awhile to secure approvals for Wolf Point, but River Point's construction will last 30 months, so at some point we will have matching construction sites.

Hines is making major moves here at the confluence. They should relocate here... more skyscraper activity than Houston, that's for sure.