The insurance company has occupied the entire red-coated steel 45-story building since its construction in 1972, but a restructuring of operations has reduced its space needs by 281,000 sf, says department of planning and development assistant commissioner Nori Greenstein. CNA Financial Corp. considered a sale-leaseback of the building, selling it and leasing space elsewhere, including suburban locations, adds executive vice president Tom Pontarelli. The company started out in a two-room office on Monroe Street in 1904, Pontarelli notes, but could sharply reduce costs by moving to the suburbs.

John Buck Co. has been hired as project manager for the building's redevelopment, as well as leasing agent for the 281,000 sf. Potential tenants already have been identified, Pontarelli says, for space that could involve the fourth and fifth floors as well as seventh through 15th.

The lobby will be expanded and reconfigured, with separate entrances for CNA employees and new tenants, according to company plans. Security features and the building's original duct work also will be adapted, and the building will be topped by a "green" roof. Costs of reconfiguring the lobby range from $24 million to $27 million alone, Pontarelli says. Costs also include potential tenant improvement packages.