The building is the third in Fifield's $300-million Century Place development, which will include the 17-story, 420,000-sf Quaker Oats headquarters at 555 W. Monroe St. as well as the 32-story, 266-unit Park Alexandria condominiums at 125 S. Jefferson St. The project is just south of the four-building Presidential Towers multifamily rental project, and within two blocks of Chicago's two busiest Metra commuter stations.
While the office building at 555 W. Monroe St. is expected to be completed this summer, the condominiums should be completed next year, according to Fifield.
The developer believes potential tenants will be interested in his latest building's 27,600-sf floor plates.
Direct vacancy in the West Loop submarket is 11.5%, according to a first-quarter office report by U.S. Equities Realty. However, the rate rises to 19.3% when 3.1 million sf of sublease space, 44% of the Downtown's total, is added to the vacancy equation.
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