Over the years the Chicago Spire hole has been labeled a civic embarrassment and “a pockmark”. In 2014 the nine-year-old project was formally brought to a close when Kelleher handed it over to Related Midwest despite attempts to keep the dream alive. The excavated hole was then abandoned, and there it has since remained. 2007 had seen the excavation of a 78-foot-deep and 75-foot-wide hole where the core of the building would begin, but the global economic crisis in 2008 shattered the financial support and put a stop to everything.Ĭrisis ensued, lawsuits followed, and momentum collapsed before the mighty tower had risen an inch above ground level. The ambition, enthusiasm, and dedication that had inspired the dream then met a stumbling block.
Some of the most expensive pre-sale prices for studios and flats that Chicago has ever seen were being snapped up and a $40 million two-level penthouse towards the top of the tower quickly found an owner in Beanie Babies creator Ty Warner. The ultra-lavish project was unanimously backed in 2005 and, though it was soon sold to Irish real estate developer Garrett Kelleher, it was consistently urged on with rigor and excitement. A 2,000 feet tall tower was to shoot up from 400 North Lake Shore Drive, piercing the clouds and offering more than 150 floors of unique potential.ĭesigned by the Spanish architect, engineer, and sculptor, Santiago Calatrava, and funded by Christopher Carley’s Fordham Company, the dream of a modern wonder with celestial amenities never materialized.
Once upon a time, it was the beginning of what was to become the tallest building in the Western Hemisphere. Buck also paid $108 million for CNA’s South Wabash Avenue tower, unofficially known as “Big Red.” Buck renovated the 45-story red building and signed new leases, including a 462,000-square-foot deal with Northern Trust.įor the financial payoff of landing an even larger anchor tenant such as Chase, developers are likely to be more willing to take on the risk of trying to fill a mostly vacant, decades-old tower - even coming out of a public health crisis that has contributed to a record for overall available office space.The Chicago Spire hole was born from a disintegrated dream. One of the developers in the running for the Chase deal, Buck, in 2015 signed CNA Financial to a lease to anchor a new Franklin Street office tower. If Chase decides to relocate everything, the bank could look to combine a new lease in another building with a deal to sell Chase Tower to the same developer. In addition to staying in Chase Tower, the bank could decide to keep some workers there and move others to a new location. While Chase evaluates development proposals, it also must consider what to do with its longtime Loop home. It’s possible Chase could remain in its namesake tower on Dearborn Street, as it has done after previous explorations of its options in Chicago.īut there are signs pointing to a deal this time around, amid increased attention to the quality of office space as companies call workers back from home after more than a year of COVID-19 precautions. If Chase does move, it likely would look to sell its distinctive, sloped tower.Ĭhase occupies much of the 1.9 million-square-foot tower, but it also leases space to tenants including Exelon. The banking giant, which owns and occupies the 60-story Chase Tower, recently toured several sites and listened to pitches from developers looking for an anchor tenant to kick off construction of a new skyscraper, according to people familiar with the search. It also could mean changes for the bank’s well-known Loop office tower. CHICAGO - JPMorgan Chase is looking at development sites where it could lease as much as 1 million square feet in what could lead to one of the largest office leases in Chicago history.
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