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John Buck Co. Reportedly Plans Office Building at Wacker Drive and Monroe Street

CHICAGO-A published report has John Buck Co. building a 40-story office tower atop a platform 120 feet above ground. However, it comes days after ABN AMRO announced plans for 2.5 million sf two blocks away, and within a block of two other Wacker projects.

By Mark Ruda | Updated on January 10, 2001

CHICAGO-John Buck Co. is planning to build a 40-story office tower at the southeast corner of Wacker Drive and Monroe Street in the West Loop, according to a published report. Although all parties reportedly involved declined comment or were unavailable, office experts already were questioning whether the Central Business District was headed toward a glut of office space and now wonder whether the Buck may be pushing the market’s envelope.

A 32,500-sf parking lot, which according to the published report is being bought from Toronto-based Manulife Financial, is across the street from a site that will see a 60-story office being anchored by the Pritzker Co.’s Hyatt Corp. Buck also is building at 1 N. Wacker Dr. one block north. However, the report comes in the same week ABN Amro announced plans to build up to 2.5 million sf of high-tech office space two blocks west across the Chicago River, resulting in the Netherlands-based banking firm leaving Loop office space.

Suddenly, the Downtown office market pendulum has swung swiftly back to tenants. Even with vacancy rates recently reported to be 8% or lower in the Downtown area, owners are advised to start cutting their best deals now before the Netherlands-based bank exits properties it currently owns or leases.

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