Global Financial Institution’s Local
Headquarters will Anchor Riverfront Downtown Office Tower;
Contribution to Neighborhood Opportunity Fund Will Support
Commercial Projects Across City
Mayor Rahm Emanuel joined The Howard Hughes Corporation® (NYSE:
HHC) and Bank of America Corporation® (NYSE: BAC) today to announce
the bank will be the lead anchor tenant at 110 North Wacker Drive,
a new world-class office building on the Chicago River. The
agreement completes the next milestone in the highly-anticipated
51-story downtown building, a collaboration between The Howard
Hughes Corporation, joint venture partner Riverside Investment
& Development, architect Goettsch Partners and agency
representative CBRE.
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110 North Wacker Drive, Dusk; image
©Goettsch Partners
“Today Bank of America and The Howard Hughes Corporation are
doubling down on the future we are building in Chicago,” Mayor
Emanuel said. “This building will make Chicago’s skyline even
brighter and our riverfront more vibrant, while creating economic
opportunities in neighborhoods across the city.”
Bank of America has signed a lease to fill nearly 500,000 square
feet at 110 North Wacker in support of their overall growth
strategy and to improve office utilization. The lease accounts for
more than a third of the 1.35 million square-foot high-rise. JLL
represented Bank of America on the deal and CBRE represented the
Class-A building, the last premier office site in Chicago offering
a prominent riverfront location in the heart of the city.
Zoning approval for the building includes a voluntary $19.6
million payment into the City's Neighborhood Opportunity Bonus
system, which supports commercial projects in areas that need them
on the city's South and West sides.
“Chicago has a vibrant and growing downtown, and being a part of
this new building provides us with a great opportunity to continue
our investment in the community and drive economic development,”
said Paul Lambert, Bank of America’s Chicago Market President. “We
are pleased to be the anchor tenant at the new building, which will
enable us to co-locate our teams so they can have stronger
collaboration to better serve our clients, while ensuring the
continued responsible growth of our company.”
“The Howard Hughes Corporation is proud to be developing this
important addition to the Chicago skyline,” said David R. Weinreb,
CEO of The Howard Hughes Corporation. “As one of the largest
financial companies in the world, Bank of America is an outstanding
tenant to anchor the building. Our opening is now set for late
2020, with construction expected to begin in the spring of 2018.
With city approval and a meaningful portion of the building
pre-leased, 110 North Wacker is well on its way to becoming a
reality.”
“110 North Wacker will bring a marquee building to an
underutilized site, enable unprecedented public access to the
riverfront, and create new resources for neighborhood improvements
downtown and across the city,” said Ald. Brendan Reilly (42nd).
Additional project and leasing information is available at
www.110NorthWacker.com
About The Howard Hughes Corporation®
The Howard Hughes Corporation owns, manages and develops
commercial, residential and mixed-use real estate throughout the
U.S. Our properties include master planned communities, operating
properties, development opportunities and other unique assets
spanning 14 states from New York to Hawaii. The Howard Hughes
Corporation is traded on the New York Stock Exchange as HHC with
major offices in New York, Columbia, MD, Dallas, Houston, Las Vegas
and Honolulu. For additional information about HHC, visit
www.howardhughes.com.
Safe Harbor Statement
Statements made in this news release that are not historical
facts, including statements accompanied by words such as “will,”
“believe,” “expect,” “enables,” “realize,” “plan,” “intend,”
“assume,” “transform,” and other words of similar expression, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on management’s expectations, estimates, assumptions, and
projections as of the date of this release and are not guarantees
of future performance. Actual results may differ materially from
those expressed or implied in these statements. Factors that could
cause actual results to differ materially are set forth as risk
factors in The Howard Hughes Corporation’s filings with the
Securities and Exchange Commission, including its Quarterly and
Annual Reports. The Howard Hughes Corporation cautions you not to
place undue reliance on the forward-looking statements contained in
this release. The Howard Hughes Corporation does not undertake any
obligation to publicly update or revise any forward-looking
statements to reflect future events, information or circumstances
that arise after the date of this release.
About Bank of America®
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving approximately 46 million consumer and
small business relationships with approximately 4,600 retail
financial centers, approximately 15,900 ATMs, and award-winning
online banking with approximately 34 million active accounts and
nearly 22 million mobile active users. Bank of America is a global
leader in wealth management, corporate and investment banking and
trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the
world. Bank of America offers industry-leading support to
approximately 3 million small business owners through a suite of
innovative, easy-to-use online products and services. The company
serves clients through operations in all 50 states, the District of
Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35
countries. Bank of America Corporation stock (NYSE: BAC) is listed
on the New York Stock Exchange.
Visit the Bank of America newsroom for more Bank of America
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version on businesswire.com: http://www.businesswire.com/news/home/20170504006484/en/
Media:Bank of AmericaDiane Wagner, 312-952-1756SVP
Regional Media Relationsdiane.wagner@bankofamerica.comorReputation
PartnersNick Kalm, 312-222-9888nick@reputationpartners.comorBrendan
Griffith, 312-819-5720brendan@reputationpartners.comorThe Howard
Hughes CorporationCristina Carlson, 646-822-6910VP, Corporate
Communications and Public
Relationscristina.carlson@howardhughes.comorInvestor
Relations:The Howard Hughes CorporationDavid O’Reilly,
214-741-7744Chief Financial
Officerdavid.o'reilly@howardhughes.comorLeasing
Information:CBREDrew Nieman,
312-935-1968drew.nieman@CBRE.com
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