Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Development Resources Inc., based here, is planning an 865,000-sf office tower for 401 S. Wacker Dr. The estimated cost to build the 31-story tower is about $325 million, says Brett Opie, executive vice president with the developer.

The building will have an all glass facade with a cantilever on one side of the tower. The building is “almost transparent,” Opie says. “We are trying to create a great pedestrian experience.” The cantilever will create a space of about 2,000 sf on each floor that will have glass on three sides of the space, Opie says. The cantilever space will be over an approximate 500-sf park area and the space will likely be used for partners’ offices, conference rooms or meeting space. The building will have 30,000-sf floor plates with four interior columns with a lobby with some portions up to 55 feet high, he says.

The company has not started leasing for the building yet. The asking lease rate will be in the “low $30′s” per sf net, Opie says. The building will be almost exclusively office space with about 2,500 sf of service retail such as a coffee shop, sundry store and a sandwich shop. Construction will start on the tower once it is about 30% to 40% preleased, with construction expected to take about two years to complete, he says.

Development Resources had planned in 2004 to build a 27-story, 673,000-sf building. The previous plans called for some pre-cast concrete and would have cost approximately slightly more than $200 million, he says. The change in design “was really listening to the market,” Opie says. The original building was geared to insurance company and “back office” tenants whereas the new design is geared toward large law firms and other professional firms. Architecture firm OWP&P designed both tower plans.The company acquired the property about five years ago for an office building “because it is a great Wacker Drive location,” he says. “It is the beginning of Wacker Drive” and the location is “highly visible” from Congress Parkway, Opie says.

The property is zoned for up to 950,000 sf, but Opie said they cannot see constructing a building that large on the site. “We think this is the right building for the site,” he says. “We do not see the demand for a one-million-sf building for the market.” In a building of 865,000 sf, an anchor tenant is “clearly the anchor” as opposed to a one-million-sf building where you could have three or four anchor tenants of 200,000 sf apiece, Opie says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.