Office N Illinois

Chicago's next trophy office tower gets $665M construction loan

Chicago's next trophy office tower gets $495M construction loan,ph01

The 53-story, riverfront tower going up on the former GGP site moved closer to reality with a new round of construction financing. According to the Chicago Tribune, Howard Hughes Corp. and Riverside Investment & Development said that they have acquired a $495 million construction loan from a lending group including Bank of America and JPMorgan Chase to build the office tower at 110 N. Wacker Drive.

Added to the $169.6 million from USAA Real Estate, nearly $10 million in cash kicked in by Riverside and $87 million in equity from Howard Hughes, the project has soared to over $761 million. Construction financing was arranged by Hamilton Realty Finance.

The building is already 40 percent pre-leased even though construction hasn’t begun, having recently signed middle-market investment bank Lincoln International into approximately 60,000 square feet. Bank of America last year confirmed it will be the tower’s namesake tenant, taking on about 500,000 square feet. Construction is scheduled for completion in late 2020.

This is the first Chicago development for Dallas-based Howard Hughes. Designed by Goettsch Partners and to be built by Clark Construction, 110 N. Wacker will feature a tenant lounge with outdoor seating, a high-end restaurant and a half-acre park that will provide public access to the river.