Chicago developer John O’Donnell may be looking to sell part if not all of his firm’s ownership stake in 150 N Riverside, a new 752-foot office building rising on the west bank of the Chicago River between Lake and Randolph.
According to an industry estimate reported by Crain’s, the 1.2 million-square-foot tower designed by Goettsch Partners could fetch as much as $900 million — a remarkable figure given the $712 million sale of Chicago’s 2.7 million-square-foot Aon Center just last year. 2016 is lining up to be another hot year for commercial property transactions in downtown Chicago following a record-setting 2015 which saw $6.1 billion worth of office space change hands.
News of the potential sale comes well ahead of the tower’s anticipated completion. Despite its internal core reaching its final height of 53 stories earlier this month, 150 N Riverside is not expected to be open for business until January 2017.
The Class A office development offers stunning views, a riverside promenade and restaurant, a landscaped park, proximity to CTA and commuter rail lines, and all the latest tenant amenities. With the 150 N Riverside project costing a reported $500 million, O’Donnell and his company Riverside Investment & Development stand to make a handsome profit in the process.
- Nearly finished West Loop tower could sell for $900 million [Crain's]
- Get a View Inside and Around the New 150 N. Riverside Tower [Curbed Chicago]
- West Loop archives [Curbed Chicago]
- 150 N Riverside [website]