Planned Wacker Drive tower lands major tenant, could break ground next year

Bank of America will lease 500,000 square feet in the 800-foot 110 N. Wacker skyscraper

By Jay Koziarz May 4, 2017, 9:33am CDT

Chicago’s next trophy-grade office tower will take a major step towards becoming a reality as co-developers Howard Hughes Company and Riverside Investment and Development are expected to announce the signing of the project’s first major tenant later today. According to the Chicago Tribune, Bank of America will commit to a half-million-square-foot lease in the 50-story riverfront tower planned at 110 N. Wacker. Set to replace Chicago’s low-rise General Growth Building, the 800-foot structure designed by Goettsch Partners would include 1.35 million square feet of rentable space, a soaring 40-foot lobby, and new public riverwalk.

News that Bank of America was looking to consolidate its workforce from multiple downtown buildings to the proposed riverside tower was first reported by Crain’s in February. 110 N. Wacker was approved by the Chicago Plan Commission the following month with its developers pledging a $19.55 million payment to Chicago’s Neighborhood Opportunity Fund—the program’s largest-to-date commitment—in exchange for the zoning bonuses necessary for such a large building.

With Bank of America’s recent commitment, the tower is gathering the momentum it needs to kick off construction. The Tribune reports that John O'Donnell of Riverside Investment hopes to break ground on the project in spring or summer of 2018 and deliver the completed tower in the third quarter of 2020. That timing is consistent with the 36-month construction timeline quoted by contractor Clark Construction back in January when 110 N. Wacker was first revealed. The skyscraper will be the tallest purely office building to be constructed in Chicago since 1990.