CHICAGO, June 15, 2018 /PRNewswire/ -- The Howard Hughes
Corporation® (NYSE: HHC) and Riverside Investment &
Development, along with Mayor Rahm
Emanuel, Alderman Brendan
Reilly, Commissioner David
Reifman, Chicago President of Bank of America Paul Lambert and other stakeholders
gathered yesterday to break ground on 110 North Wacker, the
trophy-class office tower set along the Chicago River in the heart
of Chicago's Central Business
district.
The groundbreaking marks an important milestone in the next
stage of development of the 1.4 million square-foot, 55-story
premier downtown building. More than thirty percent pre-leased to
Bank of America, 110 North Wacker is a Howard Hughes Corporation
and Riverside Investment and Development collaboration with the
award-winning leasing, design and construction teams of CBRE,
Goettsch Partners and Clark Construction.
"This is a milestone moment for everyone involved in bringing
this dynamic building to life," said David
R. Weinreb, CEO of The Howard Hughes Corporation. "Located
on arguably the best remaining office site in the city, the
building will offer an exceptional design with dynamic public
space, and will soon leave its mark on the iconic Chicago skyline. A special thank you to all of
the stakeholders involved, including the community leaders and
elected officials who have been so central to making this building
a reality."
"This project will create Chicago's tallest new office building in the
last three decades, while making a record contribution to support
neighborhood businesses throughout Chicago," said Chicago Mayor Rahm
Emanuel. "Congratulations to The Howard Hughes Corporation,
Bank of America, and the many partners who are helping to realize
the exciting vision of 110 North Wacker."
The Class-A building will be set between the Chicago River and
Wacker Drive. Designed by the Chicago-based, internationally acclaimed
Goettsch Partners, the stepped west façade, trident columns at the
base of the building and extended Riverwalk park will ensure a
timeless stature in Chicago
architecture. The series of architectural setbacks creates fourteen
corner-office opportunities per floor which, combined with open air
on all four sides of the building, provide incredible views and
daylight on all sides of every floor. The location, design and
first-class amenities, including a state-of-the-art conference
center and fitness facility, retail and dining, combine to deliver
the ultimate opportunity in prestige, efficiency and office
experience in downtown Chicago.
"We thank Mayor Rahm Emanuel,
Alderman Brendan Reilly, the
City of Chicago, our partners at
Riverside and the rest of our
excellent team, as well as our future tenants, for their support in
helping us achieve this momentous occasion," said Paul Layne, President of the Central Region, The
Howard Hughes Corporation. "We look forward to enhancing the
neighborhood by delivering exceptional design, amenities, and
public space for the community and office tenants to enjoy."
"We have recognized 110 North Wacker as one of the best
development sites in the city for quite some time," said Riverside
CEO John O'Donnell. "We are very
fortunate to be working with The Howard Hughes Corporation and
collaborating again with Goettsch Partners and Clark Construction
on this project."
The groundbreaking ceremony follows the announcements of Bank of
America and Lincoln International joining as tenants of 110 North
Wacker. Bank of America is the first anchor tenant, leasing
approximately 500,000 square feet—accounting for more than
one-third of the building's space; Lincoln International is leasing
approximately 60,000 square feet. Another milestone for 110 North
Wacker was reached by securing a $495
million construction loan from Bank of America and JPMorgan
Chase, along with an equity investment by USAA Real Estate.
"We are pleased to be the anchor tenant at 110 North Wacker, a
building which 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 look forward to co-locating our teams
in the heart of Chicago's vibrant
and growing downtown, allowing for stronger collaboration with
which to better serve our clients and ensure responsible growth of
our company."
The building is expected to be completed in Q4 of 2020.
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. Its award-winning assets
include the country's preeminent portfolio of master planned
communities, as well as operating properties and development
opportunities including: The Seaport District in New York; Columbia,
Maryland; The Woodlands®, The Woodlands Hills, and
Bridgeland® in the Greater Houston,
Texas area; Summerlin®, Las
Vegas; and Ward Village® in Honolulu, Hawaiʻi. The Howard Hughes
Corporation's portfolio is strategically positioned to meet and
accelerate development based on market demand, resulting in one of
the strongest real estate platforms in the country. Dedicated to
innovative placemaking, the company is recognized for its ongoing
commitment to design excellence and to the cultural life of its
communities. The Howard Hughes Corporation is traded on the New
York Stock Exchange as HHC. For additional information
visit www.howardhughes.com.
About Riverside Investment and Development
Riverside
Investment and Development Company is a multi-faceted real estate
firm based out of Chicago,
Illinois. Founded in 2010 by John
O'Donnell, a longtime Chicago real estate veteran with more than 30
years and 40 million square feet of investment, development, and
redevelopment experience, Riverside is focused on the pursuit of complex
development and redevelopment opportunities. We aggressively manage
risk via detailed front-end evaluation and planning, selective
locational focus, and a willingness to form strategic relationships
where appropriate for a particular transaction. Our relationships,
which have been carefully cultivated over years of experience with
local and national consultants, brokers, and other stakeholders.
For additional information, visit www.RiversideID.com.
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 news, and click here to
register for news email alerts.
About Lincoln International
Lincoln International
specializes in merger and acquisition advisory services, debt
advisory services, private capital raising and restructuring advice
on mid-market transactions. Lincoln International also provides
fairness opinions, valuations and joint ventures and advisory
services on a wide range of transaction sizes. With twenty offices
in the Americas, Asia and
Europe, Lincoln International has
strong local knowledge and contacts in key global economies. The
firm provides clients with senior-level attention, in-depth
industry expertise and integrated resources. By being focused and
independent, Lincoln International serves its clients without
conflicts of interest. More information about Lincoln International
can be obtained at www.lincolninternational.com
Safe Harbor Statement
Statements made in this press
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.
Media Contacts
Reputation
Partners
Brad Carlson, (630)
915-1414
brad@reputationpartners.com
The Howard Hughes Corporation
Cristina Carlson, (347) 454-4259
Vice President, Corporate Communications & Public Relations
cristina.carlson@howardhughes.com
For HHC Investor Relations
David O'Reilly, (214) 741-7744
Chief Financial Officer
david.o'reilly@howardhughes.com
For Leasing Information
Drew
Nieman
CBRE
312.935.1968
drew.nieman@CBRE.com
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SOURCE The Howard Hughes Corporation