110 N. Wacker Gets $665M in Financing
The building has been a hit with office tenants, including Bank of America, which has also agreed to finance the trophy property.
CHICAGO—110 N. Wacker has already been a hit with prospective office tenants, and just took the next step in becoming Chicago’s newest trophy tower. Developers The Howard Hughes Corp. and Riverside Investment and Development Co. say their partnership has secured a $495 million construction loan from Bank of America and JPMorgan Chase. They also got a $169 million equity investment from USAA Real Estate, The financing was arranged by Hamilton Realty Finance together with Howard Hughes and Riverside.
Set between prestigious Wacker Dr. and the Chicago River, the 53-story class-A building is being leased by CBRE, designed by Chicago-based Goettsch Partners and built by Clark Construction. The 1.4- million-square-foot tower will feature sweeping views up and down the river, as well as of the Chicago skyline and Lake Michigan. The tower will also feature an abundance of first-class modern amenities, including a half-acre public park, retail and dining options, a conference center, fitness facility and state-of-the-art building systems. The same team of Riverside, CBRE, Goettsch Partners and Clark Construction recently completed the nearby award-winning office project at 150 North Riverside.
“With its prominent riverfront location, 110 North Wacker Drive is designed to be a dynamic addition to Chicago’s iconic skyline, a highly desirable office site ideally placed in the heart of the city,” says Grant Herlitz, president of The Howard Hughes Corp. “The closing of this financing is another important milestone in our development process, and with the help of our trusted financial partners, we are one step closer to delivering the next evolution of premier office space to Chicago.”
“We are very pleased to work with this excellent team in the development of 110 North Wacker Drive,” says Michelle Herrick, Central & Mountain Region market manager for J.P. Morgan’s real estate banking business. “This is a premier development, and we are proud to support clients as they build and invest in Chicago.”
“Bank of America is proud to have a significant role in what will be one of the Chicago riverfront’s premium office buildings,” says Paul Lambert, Bank of America’s Chicago market president. “We’re very excited to be part of the 110 North Wacker development both as a lender and as the anchor tenant for our Chicago headquarters.”
“We have recognized 110 North Wacker Drive as one of the best development sites in the city for quite some time,” says John O’Donnell, Riverside’s chief executive officer. “We are very fortunate to be working with The Howard Hughes Corporation and collaborating again with Goettsch Partners and Clark Construction on this project.”