CHICAGO | 130 N Franklin | 751 FT | 51 FLOORS

[chicubs111]

wasn't it someone on this forum that mentioned that 130 had a tenant lined up like 3 months ago but we never knew exactly who it was?.. It seemed that 130 was pretty much a go by all means?... I feel like it has dropped a bit in the confidence scale...just a tad

[Kngkyle]

Originally Posted by chicubs111

wasn't it someone on this forum that mentioned that 130 had a tenant lined up like 3 months ago but we never knew exactly who it was?.. It seemed that 130 was pretty much a go by all means?... I feel like it has dropped a bit in the confidence scale...just a tad

It was mentioned that Sidley was close to signing a deal but they ended up just renewing their lease.

[KWILLSKYLINE]

So if these are the two main buildings future "major" tenants are considering, (this and 110 wacker), can we assume that wolf point is going on the back burner until the next cycle?

[BVictor1]

Originally Posted by KWILLSKYLINE

So if these are the two main buildings future "major" tenants are considering, (this and 110 wacker), can we assume that wolf point is going on the back burner until the next cycle?

I don't think we can assume anything. Currently Wolf Point South isn't an option or active proposal.

Because that project is being phased, the next tower they're thinking about is the east building. We don't know the programatic makeup of the south tower at this point..

[SamInTheLoop]

One thing I've heard re 130 is that Tishman has been quite keen to go spec, but that the current arrangements it has with the lender/lender group it is currently working with are preventing it......

[TimeAgain]

Originally Posted by KWILLSKYLINE

So if these are the two main buildings future "major" tenants are considering, (this and 110 wacker), can we assume that wolf point is going on the back burner until the next cycle?

Which Wolf Point? South? That's years off. East is what's next.

[the urban politician]

Originally Posted by SamInTheLoop

One thing I've heard re 130 is that Tishman has been quite keen to go spec, but that the current arrangements it has with the lender/lender group it is currently working with are preventing it......

I am also planning to build a 700 ft tall skyscraper on spec.

....But alas my arrangement with lenders is also preventing it

[Skyguy_7]

^Only 700? My 1,800' spec tower is in its final stages. Only pending loan, location, plans, tenants but I'm confident in it coming to fruition this cycle or next.

[Notyrview]

Mine would be in the east loop, 1400 ft, 70% affordable housing and designed by Jean Nouvel.

[UPChicago]

Originally Posted by Notyrview

Mine would be in the east loop, 1400 ft, 70% affordable housing and designed by Jean Nouvel.

LOL I don't think that's how it works you guys are a mess

[SamInTheLoop]

Originally Posted by the urban politician

I am also planning to build a 700 ft tall skyscraper on spec.

....But alas my arrangement with lenders is also preventing it

lol.

Yes, yes - mine too.

While I realize how that sounded, I suppose I should expound:

Tishman Speyer has other options here. Strong, Long-term relationships with specific banks and loan officers are important, though Tishman is a very large and experienced outfit. They presumably can take advantage of equity relationships to meaningfully boost total equity contribution and thus meaningfully reduce loan-to-value ratio. They can draw on a large amount of other debt sources that are out there and competing in the market - shop around at other traditional banks outside of the group they're working with, as well as foreign banks, debt funds, non-bank financial firms, etc. They could also launch the project on equity, with an eye toward arranging a loan partway through construction (closer to beginning than end), once they have landed an anchor - which may be easier once prospective anchors see the project physically progressing, and they're thus more confident in it, and the developer. Tishman has the means and the options to pull this off on spec if they really want to (if they don't in fact land a pre-construction anchor in the near-term). Whether they themselves are comfortable with the specific risk profile of that action is another matter. What I've also heard is that the bank/bank group they've been working with is taking into consideration some other spec projects elsewhere that they currently are working on....other prospective debt capital sources may not weight that factor as heavily......

[chicubs111]

Im Starting to get a bit worried about this one ...Felt very confident that this would be able to land a tenant just seems like too much competition may been joining the market now... Just posted article about 110 North wacker tower possibly starting in October

[rlw777]

I think 110 N Wacker and BofA just killed the chances of this one getting off the ground in the foreseeable future. I was really hoping to see this K&S design get built.

[KWILLSKYLINE]

Originally Posted by rlw777

I think 110 N Wacker and BofA just killed the chances of this one getting off the ground in the foreseeable future. I was really hoping to see this K&S design get built.

Never say never, I'm sure there's still a bunch of mega-companies out there looking for a good chunk of a building. Especially one this good looking with alot of space avaiable with a great location.

[Kngkyle]

Originally Posted by rlw777

I think 110 N Wacker and BofA just killed the chances of this one getting off the ground in the foreseeable future. I was really hoping to see this K&S design get built.

The site is far too well located to sit vacant for another decade. Something will be built, it's just a question of what. The site is also huge.. they could easily build something - hotel/apartments/condos - on half of the site and still be able to build a 1m+ sqft office tower on the other half. I always thought the current proposal did a rather poor job at maximizing the sites potential. The tower itself only takes up 1/2 the space. The rest is wasted on a podium and some park space.

[Skyguy_7]

Ground-breaking ceremony taking place today









Just kidding, it's a film production crew. Maybe someday....

[KWILLSKYLINE]

you tingled the hairs on the back of my neck for a second or two. I cant believe they havn't turned it back into a parking lot yet to make some extra money. maybe they still have something in the works.

[SamInTheLoop]

^ Same here.

This project is very much still being actively marketed to prospective anchor tenants........they are out there....

[emathias]

Originally Posted by Kngkyle

...
I always thought the current proposal did a rather poor job at maximizing the sites potential. The tower itself only takes up 1/2 the space. The rest is wasted on a podium and some park space.

I agree. The building itself is nice enough, but the use of the space is very poor. I would much rather see the site used in halves, with the Court Place alleyway maintained. I'm surprised the City is willing to let that alley go. Alley's are important spaces and, IMHO, their use should be enhanced instead of removed. A more clever treatment of the entire site might create four buildings on the site, with the southernmost one addressing Washington or the Franklin/Washington corner, and similarly with the Randolph-facing side, but then the two center ones "facing" Court place, which could be converted to shared street style plaza with potential seating and sculptures. It could be all different uses, too. Maybe residential on Washington to synergize with the 200 W Washington condo building, commercial office space for the two buildings oriented to Court, and hotel on Randolph which could serve both business needs and the Randolph theatre and food scenes to the east and west, respectively. If they really wanted to be able to span the block, they could create a building with a tall arch-space over Court (I'm thinking 10+ stories high), which would look cool, enable large floorplates on upper floors, but preserve Court.

Improved landscaping of Court at the Wacker end could create a pleasant pedestrian passthrough and result in the kind of interesting, human-scaled public space that keep cities interesting. I'm thinking something comparable to Paternoster Square and pedestrian feeder alleys in London, or a mini version of the way Madrid's Calle de la Montera connects Gran Via with Puerta del Sol. During holiday seasons the space could have themed events or markets to liven up what is really one of the most boring parts of the Loop. With the General Growth building going away, the proximity of the cool public space associated with its replacement could end up turning the NW corner of the Loop area into one of the best parts, giving people something to walk over to from the west end of the Riverwalk.

[headcase]

Originally Posted by Kngkyle

The site is far too well located to sit vacant for another decade. Something will be built, it's just a question of what. The site is also huge.. they could easily build something - hotel/apartments/condos - on half of the site and still be able to build a 1m+ sqft office tower on the other half. I always thought the current proposal did a rather poor job at maximizing the sites potential. The tower itself only takes up 1/2 the space. The rest is wasted on a podium and some park space.

If I remember correctly, it's because the same developer or management company (or someone else) owns one of the buildings adjacent to the lowrise portion of the building, and they are preserving the views for that property.

SSDD