Hines JV Plans 270 KSF Timber Office Project in Chicago
- Nov 14, 2017
A joint venture between Hines, Diversified Real Estate Capital LLC and Big Bay Realty LLC will develop T3 Goose Island, a six-story, 270,000-square-foot heavy timber office development in Chicago.
The project will be the first wood-structured office building developed in the city since the 1800s.
“The appeal is its location, sustainability, authenticity and efficiency,” Brian Atkinson, Hines’ managing director, told Commercial Property Executive. “It will be constructed with wood—the most renewable construction material. It will also have a design that evokes century-old heavy timber ‘brick & beam’ warehouses, but will include all of the modern systems and technology to create a highly efficient building designed for employer density plus knowledge worker recruitment and retention.”
Goose Island was a historical industrial hub for the city, but it is transitioning as industrial and manufacturing businesses have evolved and changed. This evolution has created an opportunity that will be filled by the next generation of creative businesses. T3 Goose Island is intended to fit into the existing neighborhood and to meet the needs of future employers on the island.
“T3 is a new building typology focused on three concepts—timber, technology, transit—that is meant to deliver a modern, sustainable, efficient environment,” Atkinson said. “Employers are looking for an environment that will enable the recruitment and retention of their talent. T3 delivers for both the employer and the employee.”
An industrial and manufacturing hub since the 1850s, Goose Island is now being transformed into a highly desirable office location surrounded by the most affluent residential neighborhoods in Chicago. Sparked by the North Branch Framework, the plan of its reinvention includes improvements to its infrastructure, the addition of public, pedestrian and bike-friendly transit options, and improved open space along the Chicago River.
The property is surrounded by Chicago’s most desirable residential neighborhoods such as Lincoln Park, River North, Bucktown, Wicker Park and the Gold Coast.
“The Near North and Lincoln Park neighborhoods have long been attractive residential neighborhoods preferred by employees that comprise Chicago’s highly educated workforce,” Atkinson said. “The neighborhoods to the west of the Chicago River are now equally attractive to young knowledge workers. Goose Island is at the center of these neighborhoods and employee base. The implementation of the North Branch Framework will only enhance Goose Island and the surrounding area with improved infrastructure, transit and park space making it an obvious area for growth.”
According to Atkinson, through developing landmark projects spanning six decades, Hines has honed a commitment to quality and enduring value that remains paramount today.
“The firm is continually investing in evolving processes, setting higher standards in architectural quality, technology, engineering and functionality—and, in turn, greater responsiveness to tenant demand,” he said. “T3 fits exactly into the pillars of the firm’s historical development leadership standards.”
Hines is no stranger to Chicago. Last year, the company partnered with McCaffery Interests to acquire a six-acre former hospital site to develop a $350 million mixed-use development, which is currently in its planning stages.
Image courtesy of Hines