New York Times looks at proposed Chicago office developments

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The New York Times is the latest major media outlet to shine a spotlight on the downtown Chicago office market and the plans by several well-known developers to build new office towers here.

As has been widely reported, the most-likely-to-be-completed project is the 45-story, 1-million-square-foot River Point tower being developed completely “on spec” (ie, construction will begin in December regardless of whether any of the space is pre-leased) by Hines Interests and equity partner Ivanhoe Cambridge.

Several other developers, including former John Buck Company principal John O’Donnell, Fifield and the Alter Group, among others, have also floated plans and are looking for large tenants whose committments would help them finance construction costs.

As JLL’s Bill Rogers tells The Times: “The question now is, ‘Who is going to get that first big anchor tenant?'”

Click here to read the full NYT story.

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