As has been widely publicized in recent weeks, the real estate developer Hines will be breaking ground later this year on the first new office tower in the Chicago CBD in more than three years — a breathtaking new 45-story tower at 444 W. Lake Street (see rendering above).
And adding another layer of intrigue to the plans, they’re doing it all entirely on spec (ie, without pre-leasing any of the space first).
Hines EVP Greg Van Schaak granted this interview to the popular CRE newsletter BisNow, and shared some more specific details on the project. Highlights include:
- Equity partner Ivanhoe Cambridge is providing 85 percent of the financing with the remaining 15 percent coming from Hines and local developer Larry Levy. There will be no debt.
- Floor plates will be 25,000 square feet
- Hines is planning to select a general contractor within in a few weeks, will start construction in December, and complete the building in 2016.
- Van Schaak thinks financial and professional service firms, private equity, venture capital firms and corporate headquarters will eventually comprise the majority of the building’s tenant roster.