The new office tower - the third in recently years on the majorWacker Dr.thoroughfare - will be the future headquarters for HyattCorp., which hascommitted to lease up to 400,000 sf ofthebuilding's anticipated 1.2 million sf. The Pritzker Organizationwill alsoprobably take space there, perhaps as much as 100,000sf.

Higgins Development Partners LLC, which is owned by interests ofthePritzker family and Jack Higgins, will develop the property,along withPrime Group Realty Trust, which has been repositioningitself in recentmonths by selling many of its assets. Sir NormanFoster, a well-knownBritish architect, has been selected to designthe building, his first inChicago. Among other projects, Sir Normanis the designer of the new GermanParliament and the Great Court ofthe British Museum in London. He also isthe 1999 recipient of thePritzker Architecture Prize.

"Construction is projected to begin before the end of 2001 andto becompleted by the summer of 2004, and total project costs areestimated to beapproximately $350 million," notes Jack Higgins ofHiggins DevelopmentPartners. Julien J. Studley's Chicago officerepresented Pritzker RealtyGroup in the transaction.