The Howard Hughes Corporation® (NYSE: HHC) received unanimous approval at today’s Chicago Plan Commission meeting for its future trophy-class office building to be built at 110 North Wacker Drive, in collaboration with Riverside Investment & Development, Goettsch Partners and CBRE – the development, design and leasing team behind the recently completed 150 North Riverside Plaza office tower. With its prominent riverfront location, 110 North Wacker is a highly desirable office development site in the heart of the city, designed to be a dynamic addition to Chicago’s iconic skyline.
Set between prestigious Wacker Drive and the Chicago River, the 51-story Class-A building is being designed by Chicago-based Goettsch Partners, internationally renowned for their exceptional high-rise design and technical expertise. The 1.35 million-square-foot tower is wrapped in a high-performance, aluminum-and-glass curtain wall and will feature sweeping views up and down the river, as well as of the Chicago skyline and Lake Michigan. The tower will also feature an abundance of first-class modern amenities, including retail and dining options, a conference center, a fitness facility and state-of-the-art building systems.
“Our vision is to deliver the next evolution of premier office space in the heart of Chicago. This project is generating a tremendous amount of tenant interest in this one-of-a-kind building,” said Grant Herlitz, President of The Howard Hughes Corporation. “With Riverside, Goettsch Partners and Drew Nieman’s group from CBRE, we have assembled a team with a proven track record for creating iconic office buildings in Chicago. We are pleased to be advancing through the city process and look forward to next steps.”
“One of the few office building sites in downtown Chicago bounded by three streets and the Chicago River, 110 North Wacker Drive is the last premier office site in Chicago offering unmatched views of and from the building.” said James Goettsch, FAIA, Chairman and CEO of Goettsch Partners. “The site’s trapezoidal shape allows us to provide a series of stepped projections on the western façade, enhancing views up and down the river, emphasizing the building’s verticality and providing the building with a distinct identity. At street level, almost half of the site is publicly accessible and features a soaring covered riverwalk, supported by a distinctive structural design.”
The project includes a voluntary $19.55 million payment into the City’s Neighborhood Opportunity Bonus system due to its size. Eighty percent of bonus system payments are allocated to the Neighborhood Opportunity Fund to support commercial corridor improvements in underserved neighborhoods. The remainder is split in support of designated landmarks across the city and infrastructure improvements near the development site.
"This project will add to Chicago’s skyline while continuing to build on our thriving riverfront,” Mayor Rahm Emanuel said. “It will also benefit every corner of Chicago by making the largest-to-date commitment to the Neighborhood Opportunity Fund, which is designed to drive economic activity and create amenities in our neighborhoods that need it most.”
The new high-rise will take approximately two and a half years to build. A construction start date has not been finalized.
Additional information is available at www.110NorthWacker.com.
About The Howard Hughes Corporation®
The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Our properties include master planned communities, operating properties, development opportunities and other unique assets spanning 14 states from New York to Hawaii. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC with major offices in New York, Columbia, MD, Dallas, Houston, Las Vegas and Honolulu. For additional information about HHC, visit www.howardhughes.com or find us on Facebook, Twitter, Instagram and Linkedin.
Safe Harbor Statement
Statements made in this news release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform,” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in The Howard Hughes Corporation’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
About Riverside Investment & Development
Riverside Investment & Development is a commercial real estate firm based in Chicago, Illinois. Led by CEO John O’Donnell, Riverside actively pursues complex, large-scale real estate acquisition and development opportunities across a multitude of asset types, with a focus on transportation-oriented developments. Additional information can be found at www.riversideid.com
About Goettsch Partners
Goettsch Partners (GP) is an architecture firm with a global perspective. Based in Chicago, with additional offices in Shanghai and Abu Dhabi, the firm brings a singular approach to design that combines seasoned experience with a passion for exploration and innovation. Completed projects span five continents and represent a diverse range of types and sizes. Every project design begins with multiple concepts that are evaluated for intrinsic value, constructability and environmental impact. GP projects share a consistent visual language of bold clarity that celebrates highly crafted technical solutions delivering optimal performance. Visit www.gpchicago.com for more information.