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.”