CHICAGO—The amount of shadow space emerging in Chicago's downtown has been flagged as a possible concern by some, but John Buck Co. just signed an agreement that will fill up the majority of the largest chunk of shadow space on the market. Chicago-based Northern Trust will occupy 462,000 square feet at 333 S. Wabash starting in 2020, just after John Buck completes an extensive renovation. Northern Trust's global headquarters will remain at 50 S. LaSalle St.
Affiliates of John Buck and Morgan Stanley purchased 333 S. Wabash from CNA Financial Corp. after CNA decided to drastically reduce the amount of downtown space it occupies by relocating from 750,000 square feet in the distinctive red tower to 272,569 square feet at John Buck's 151 N. Franklin, which the developer plans to open in June 2018.
“I don't think any of us could be happier with such a blue chip, Chicago tenant like Northern Trust,” Jon Cordell, senior managing director, NKF, tells GlobeSt.com. “There were rumors that the owners might convert the building to apartments or student housing,” but with the office market so active, preserving the building as office space was an easy call.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
