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Search Is on for Tenants of Proposed 505 N. State

CHICAGO-A 22-story office building, with up to 450,000 sf, is being proposed by MKDG/Buck 123 LP and 505 Venture Co. LLC. The John Buck Co. and Marvin Davis developed adjoining 515 N. State St. in 1990. The new development would give the JV twin side-by-side assets.

By Mark Ruda | Updated on July 16, 2001

CHICAGO-A River North office building could finally get its nearly-identical twin. Chicago plan commissioners recommended approval of a 22-story office building that could add 450,000 sf of space to the submarket.

The project is being developed by MKDG/Buck 123 LP and 505 Venture Co. LLC, which includes a joint venture by the John Buck Co. and Morgan Stanley. It would be built next to a building developed by Buck and Marvin Davis, which opened in 1990 and is 99% occupied, most notably the namesake American Medical Association. The development would adjoin Buck’s North Bridge retail development, anchored by Nordstrom’s department store.

Construction hinges on pre-leasing at least 30% of the space, and perhaps landing an anchor tenant. “We’ve had discussions with potential tenants and are in constant contact with the capital markets,” says Buck Co. principal John Iberle. “In this current market, we need a tenant. The way the market is today, no one’s starting a building on a spec basis.”

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