Cordell does not believe landlords will have too much trouble getting tenants into the CBD's remaining shadow space. Suburban firms continue to eye downtown space, he points out, and local office users are still growing. However, he is reluctant to make any far-reaching predictions based on the Northern Trust deal, as the 1.2 million-square-foot tower provides a more attractive option than many buildings with shadow space.

“333 S. Wabash was designed as a corporate headquarters,” he says, and although that was back in the early 1970s, the CNA tower was very advanced in its day. The nine-foot ceilings, 10×7 windows, big loading docks, highly-efficient floorplates, and spectacular views of the Lake Michigan and Grant Park, among other features, makes it competitive with more recent buildings. And John Buck's plan to renovate the property will further enhance its reputation.

It will be a solid, class A office building,” Cordell says, “and the amenities will be class A+.” The owners will create a new lobby, an upgraded fitness center, day care and tenant lounge. The overhaul will also include the addition of an auditorium, food hall and a new private coach service for building tenants. John Buck plans to complete the renovation in 2019.

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.

Cordell and NKF's Bill Rolander secured the lease on behalf of ownership. Todd Lippman, Todd Doney, James Whalen, Maura Mahoney and Scott Brandwein of CBRE represented Northern Trust in the lease negotiations.

Cordell does not believe landlords will have too much trouble getting tenants into the CBD's remaining shadow space. Suburban firms continue to eye downtown space, he points out, and local office users are still growing. However, he is reluctant to make any far-reaching predictions based on the Northern Trust deal, as the 1.2 million-square-foot tower provides a more attractive option than many buildings with shadow space.

“333 S. Wabash was designed as a corporate headquarters,” he says, and although that was back in the early 1970s, the CNA tower was very advanced in its day. The nine-foot ceilings, 10×7 windows, big loading docks, highly-efficient floorplates, and spectacular views of the Lake Michigan and Grant Park, among other features, makes it competitive with more recent buildings. And John Buck's plan to renovate the property will further enhance its reputation.

It will be a solid, class A office building,” Cordell says, “and the amenities will be class A+.” The owners will create a new lobby, an upgraded fitness center, day care and tenant lounge. The overhaul will also include the addition of an auditorium, food hall and a new private coach service for building tenants. John Buck plans to complete the renovation in 2019.