Building helps build finance jobs in Chicago
Posted on May 6, 2017
A new building is welcoming new tenants that will create finance jobs in Chicago.
Bank of America will be the lead anchor tenant at 110 North Wacker Drive, a new office building on the Chicago river. The agreement completes the next milestone in the highly-anticipated 51-story downtown building, a collaboration between The Howard Hughes Corporation, joint venture partner Riverside Investment & Development, architect Goettsch Partners and agency representative CBRE.
“Bank of America and the Howard Hughes Corporation are doubling down on the future we are building in Chicago,” Mayor Emanuel said. “This building will make Chicago’s skyline even more bright and our riverfront more vibrant, while creating economic opportunities in neighborhoods across the city.”
Bank of America has signed a lease to fill nearly 500,000 square feet at 110 North Wacker in support of their overall growth strategy and to improve office utilization. The lease accounts for approximately a third of the 1.35 million square-foot high-rise. JLL represented Bank of America on the deal and CBRE represented the Class-A building, the last premier office site in Chicago offering a prominent riverfront location in the heart of the city.
Zoning approval for the project includes a voluntary $19.6 million payment into the City’s Neighborhood Opportunity Bonus system, which supports commercial projects in areas that need them on the city’s South and West sides.
“Chicago has a vibrant and growing downtown, and being a part of this new building 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 are pleased to be the anchor tenant at the new building, which will enable us to co-locate our teams so they can have stronger collaboration to better serve our clients, while ensuring the continued responsible growth of our company.”
“The Howard Hughes Corporation is proud to be developing this important addition to the iconic Chicago skyline,” said David R. Weinreb, CEO of The Howard Hughes Corporation. “As one of the largest financial companies in the world, Bank of America is an excellent tenant to anchor the building. Our opening is now set for late 2020, with construction expected to begin in the spring of 2018. With city approval and a meaningful portion of the building pre-leased, 110 Wacker is well on its way to becoming a reality.”