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1 S. Dearborn Construction Under Way

CHICAGO-The sale of a 48,000-sf parcel at the southeast corner of Madison and Dearborn streets as well as a $140-million construction loan from Bank One propels Hines' 820,000-sf tower off the drawing board.

By Mark Ruda | Updated on November 12, 2003

CHICAGO-Crews from Turner Construction Co. are busy at 1 S. Dearborn St., where they are building an 820,000-sf office tower to be anchored by Sidley Austin Brown & Wood. Ground was broken following the sale of the 48,000-sf site by Equitable Assurance/AXA as well as a $140-million construction loan from a nearby lender, Bank One.

The 40-story building is rising on the southeast corner of Madison and Dearborn streets, just across Dearborn Street from Bank One Plaza, where the anchor law firm is located.

Sidley Austin Brown & Wood has committed to taking more than 500,000 sf when the Houston-based Hines’ building is completed, which is scheduled in late 2005.

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