Tishman Speyer Kicks Off Chicago Creative Office Development
- Sep 26, 2019
Tishman Speyer is breaking ground today on 320 N. Sangamon St., a 270,000-square-foot creative office building in Chicago. Development of the project gets underway roughly one week after Tishman Speyer and co-developer Mark Goodman & Associates revealed new renderings of the Solomon Cordwell Buenz-designed tower.
Plans for 320 N. Sangamon first came to light in June 2018, when MGA announced the project as 310 N. Sangamon. In addition to having made a preconstruction address adjustment since the announcement, MGA welcomed Tishman Speyer aboard as a partner on the development, which will sprout up in the increasingly popular Fulton Market neighborhood. “The Fulton Market area of Chicago is drawing a lot of interest from potential tenants, especially from the tech sector. We joined forces with MGA to take advantage of that growing demand for creative space with a partner who already had approvals in place to deliver the project ahead of others,” a spokesperson for Tishman Speyer told Commercial Property Executive.
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320 N. Sangamon will offer a host of features envisioned to attract tech-oriented space users and provide them with the requisite cutting-edge accommodations, even as technology evolves in the years to come. The 13-story tower will also offer roughly 8,000 square feet of retail space, as well as talent-enticing extras ranging from a lounge and curated services to an open-air penthouse with a communal terrace and fire pit.
And while the building will no longer be in line for Passive House certification as MGA had originally planned, it will still be a solidly green property. “Tishman Speyer was an early major adopter of LEED certification and this project will fit in with our portfolio standards,” added the spokesperson.
With 320 N. Sangamon, New York-based Tishman Speyer’s commercial real estate portfolio in Chicago will encompass nearly 8.7 million square feet. Many of its properties have become favorites of the tech industry, including the 905,000-square-foot office and retail building at 525 W. Monroe St., where LinkedIn recently increased its occupancy.
The 1.5 million-square-foot The Franklin, home to Amazon’s newly expanded Chicago tech hub, is also part of the company’s holdings in the Windy City. “We are a long-time investor in Chicago, and we believe the outlook for real estate is strong,” the spokesperson said. “We seek to take advantage of opportunities going forward.” Tishman Speyer and MGA expect to deliver 320 N. Sangamon no later than the first quarter of 2021.