The base and northern portion of the 22-story, 1.4-million-sf building recently underwent an award-winning $85-million renovation, which included upgrades to the ground-floor lobby with new retail space. Intell Investment Management's building's atrium also was restored.
The topping off the southern portion of the building, which would be accessible off W. Van Buren Street, was originally envisioned by Burnham when he designed the structure, long known as the Insurance Exchange Building. He actually planned a 16-story addition, and caissons remain in the ground from the original construction, says Phil Levin, assistant commissioner with the department of planning and development.
Renowned architect Lucien Lagrange, who also drew up the latest plans for the Union Station penthouse, is designing the 175 W. Jackson Blvd. project.
Construction of the addition would not start until 2004, Intell executive vice president Sue Ault tells GlobeSt.com. The existing portion is 85% leased, Ault tells the commission, and the property owner is negotiating with prospects for the remaining 200,000 sf. As for the addition, Ault says Intel is negotiating with two prospects who would take the entire 336,000 sf.
"We're very positive at this point that we'll negotiate one or both deals," Ault says.
She declines to disclose the businesses the firms are in, but financial services is one possibility, given the building is next door to the Chicago Board of Trade, with the Chicago Stock Exchange and Mercantile Exchange nearby.
The addition will increase the height of the building to 490 feet, slightly lower than the Board of Trade and One Financial Center buildings, but little more than half the size of 311 S. Wacker Dr., Levin says.
Zoning allows for a floor area ratio of 16.0, but the addition will increase the floor area ratio to 22.9. However, the developer will get bonuses because of the structure's 200 underground parking spaces, a green roof, decorative street lights and access through the lobby to surrounding streets, Levin says.
Besides the renovation, 175 W. Jackson's Menahem Deitcher won property rep of the year at the 14th annual Greater Chicago Commercial Real Estate awards dinner this spring.
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