Among the tenants Development Resources and Oaktree Capital Management have landed for their joint venture at 525 W. Van Buren St. are North American Insurance at 85,000 sf and the US Secret Service at 80,000 sf.

Undaunted, developer Steve Fifield says he has "two handshakes" for a major tenant and institutional partner for a building at 550 W. Adams St. The structure would be built without the use of debt, Fifield recently told the Chicago Real Estate Council, and construction is scheduled to start in May.

One block north, Fifield plans to turn over 555 W. Monroe St., 85% pre-leased to Quaker Oats, for tenant work this month. The 425,000-sf building drew Quaker Oats away from River North.

To trace the origin of the unabated West Loop construction boom, one can look at yet another Fifield building two blocks further north at 550 W. Washington St. In hindsight, it seems like a sure thing given its location almost across Clinton Street from the Ogilvie Transportation Center, and two blocks from another busy Metra commuter rail terminal, Union Station.

"We weren't 100% sure we could get people to jump the barrier of the trains," Fifield recalls.

Last year, Fifield sold 550 W. Washington St. for $76.7 million -- $206 per sf – to TrizecHahn Office Properties.

That building is across the street from the site of a 1.3-million-sf build-to-suit for ABN Amro, which will move back-office and administrative operations from Loop locations to 550 W. Madison St.

Instant Insights /

Newest West Loop Tower Won't Hold Title Long

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