Hines Interests already has lured Kirkland & Ellis away from the Aon Center to 600,000 sf in its riverfront building once it is completed in 2009. In addition to office space, plans call for 13,000-sf of retail space, which most likely will include a restaurant.
However, Hines Interests' office tower will dwarf surrounding low- and mid-rise properties sharing the riverfront, notes plan commission member Allison Davis. Taller buildings already line the riverfront a quarter-mile to the east, and Trump International Hotel & Tower will dwarf both Marina City and 330 N. Wabash Ave. Closer to 300 N. LaSalle St., though, is the 3.5-million-sf Merchandise Mart, a mid-rise building, as is the redeveloped Reid-Murdoch building at 325 N. LaSalle St. and Helene Curtis building at 325 N. Wells St.
"The planning department has always taken the position that along the river, we would try to encourage tall buildings," says 42nd Ward Alderman Burton Natarus. "This is a tall building. This is a magnificent building. What's there now is kind of shabby."
The site, which runs along LaSalle Street from the river to Carroll Avenue, is now a parking lot. Hines Interests is acquiring the 85,080-sf site for $32.5 million from a limited liability corporation controlled by Michael W. Reschke, former chairman of Prime Group Realty Trust.
Designed by Pickard Chilton Architects Inc., the building is expected to meet standards for Leadership in Energy and Environmental Design certification. It also will have a hook-up at Carroll Avenue to an underground bus route.
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