The Howard Hughes Corporation® Commences Construction On Trophy-Class Office Building In Chicago
CHICAGO, June 15, 2018 /PRNewswire/ -- The Howard Hughes Corporation® (NYSE: HHC) and Riverside Investment & Development, along with Mayor Rahm Emanuel, Alderman Brendan Reilly, Commissioner David Reifman, Chicago President of Bank of America Paul Lambert and other stakeholders gathered yesterday to break ground on 110 North Wacker, the trophy-class office tower set along the Chicago River in the heart of Chicago's Central Business district.
The groundbreaking marks an important milestone in the next stage of development of the 1.4 million square-foot, 55-story premier downtown building. More than thirty percent pre-leased to Bank of America, 110 North Wacker is a Howard Hughes Corporation and Riverside Investment and Development collaboration with the award-winning leasing, design and construction teams of CBRE, Goettsch Partners and Clark Construction.
"This is a milestone moment for everyone involved in bringing this dynamic building to life," said David R. Weinreb, CEO of The Howard Hughes Corporation. "Located on arguably the best remaining office site in the city, the building will offer an exceptional design with dynamic public space, and will soon leave its mark on the iconic Chicago skyline. A special thank you to all of the stakeholders involved, including the community leaders and elected officials who have been so central to making this building a reality."
"This project will create Chicago's tallest new office building in the last three decades, while making a record contribution to support neighborhood businesses throughout Chicago," said Chicago Mayor Rahm Emanuel. "Congratulations to The Howard Hughes Corporation, Bank of America, and the many partners who are helping to realize the exciting vision of 110 North Wacker."
The Class-A building will be set between the Chicago River and Wacker Drive. Designed by the Chicago-based, internationally acclaimed Goettsch Partners, the stepped west façade, trident columns at the base of the building and extended Riverwalk park will ensure a timeless stature in Chicago architecture. The series of architectural setbacks creates fourteen corner-office opportunities per floor which, combined with open air on all four sides of the building, provide incredible views and daylight on all sides of every floor. The location, design and first-class amenities, including a state-of-the-art conference center and fitness facility, retail and dining, combine to deliver the ultimate opportunity in prestige, efficiency and office experience in downtown Chicago.
"We thank Mayor Rahm Emanuel, Alderman Brendan Reilly, the City of Chicago, our partners at Riverside and the rest of our excellent team, as well as our future tenants, for their support in helping us achieve this momentous occasion," said Paul Layne, President of the Central Region, The Howard Hughes Corporation. "We look forward to enhancing the neighborhood by delivering exceptional design, amenities, and public space for the community and office tenants to enjoy."
"We have recognized 110 North Wacker as one of the best development sites in the city for quite some time," said Riverside CEO John O'Donnell. "We are very fortunate to be working with The Howard Hughes Corporation and collaborating again with Goettsch Partners and Clark Construction on this project."
The groundbreaking ceremony follows the announcements of Bank of America and Lincoln International joining as tenants of 110 North Wacker. Bank of America is the first anchor tenant, leasing approximately 500,000 square feet—accounting for more than one-third of the building's space; Lincoln International is leasing approximately 60,000 square feet. Another milestone for 110 North Wacker was reached by securing a $495 million construction loan from Bank of America and JPMorgan Chase, along with an equity investment by USAA Real Estate.
"We are pleased to be the anchor tenant at 110 North Wacker, a building which provides us with a great opportunity to continue our investment in the community and drive economic development," said Paul Lambert, Bank of America's Chicago Market President. "We look forward to co-locating our teams in the heart of Chicago's vibrant and growing downtown, allowing for stronger collaboration with which to better serve our clients and ensure responsible growth of our company."
The building is expected to be completed in Q4 of 2020.
Additional project and leasing 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. Its award-winning assets include the country's preeminent portfolio of master planned communities, as well as operating properties and development opportunities including: The Seaport District in New York; Columbia, Maryland; The Woodlands®, The Woodlands Hills, and Bridgeland® in the Greater Houston, Texas area; Summerlin®, Las Vegas; and Ward Village® in Honolulu, Hawaiʻi. The Howard Hughes Corporation's portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC. For additional information visit www.howardhughes.com.
About Riverside Investment and Development
Riverside Investment and Development Company is a multi-faceted real estate firm based out of Chicago, Illinois. Founded in 2010 by John O'Donnell, a longtime Chicago real estate veteran with more than 30 years and 40 million square feet of investment, development, and redevelopment experience, Riverside is focused on the pursuit of complex development and redevelopment opportunities. We aggressively manage risk via detailed front-end evaluation and planning, selective locational focus, and a willingness to form strategic relationships where appropriate for a particular transaction. Our relationships, which have been carefully cultivated over years of experience with local and national consultants, brokers, and other stakeholders. For additional information, visit www.RiversideID.com.
About Bank of America®
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 46 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 15,900 ATMs, and award-winning online banking with approximately 34 million active accounts and nearly 22 million mobile active users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. Visit the Bank of America newsroom for more Bank of America news, and click here to register for news email alerts.
About Lincoln International
Lincoln International specializes in merger and acquisition advisory services, debt advisory services, private capital raising and restructuring advice on mid-market transactions. Lincoln International also provides fairness opinions, valuations and joint ventures and advisory services on a wide range of transaction sizes. With twenty offices in the Americas, Asia and Europe, Lincoln International has strong local knowledge and contacts in key global economies. The firm provides clients with senior-level attention, in-depth industry expertise and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest. More information about Lincoln International can be obtained at www.lincolninternational.com
Safe Harbor Statement
Statements made in this press 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.
Brad Carlson, (630) 915-1414
The Howard Hughes Corporation
Cristina Carlson, (347) 454-4259
Vice President, Corporate Communications & Public Relations
For HHC Investor Relations
David O'Reilly, (214) 741-7744
Chief Financial Officer
For Leasing Information
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SOURCE The Howard Hughes Corporation