BMO Harris Bank has confirmed that it will anchor the new 50-story office tower planned for the parcel just to the south of Union Station. Developed by Riverside Investment & Development and Convexity Properties, in partnership with the bank, the project will bring approximately 3,600 BMO employees to 14 floors of the 700-foot building, which is scheduled for completion in 2022.
The bank will also take on naming rights at BMO Tower, designed by Chicago-based Goettsch Partners on land owned by Amtrak, currently the site of the parking garage. Updated plans for the Union Station master plan revealed in September indicated that the new structure will contain 1.5 million square feet of office space, 400 parking spots and an adjacent 1.5-acre park/plaza designed by Wolff Landscape Architecture.
“We are accelerating our strategy to build on our growth in the United States, our competitive advantage in Chicago and the Midwest and deliver for our customers across North America. The BMO Tower in Chicago will be a centerpiece to the business transformation that’s underway at our company,” said Darryl White, chief executive officer, BMO Financial Group, the holding company for BMO Harris Bank.
Located in the popular West Loop neighborhood, BMO Tower’s central location will provide employees with easy access to air transportation, rail networks, the CTA, road and bike paths. Furthermore, it will be a model of progressive workplace design and improved efficiencies, featuring advanced digital technology, abundant natural light and modern workplace design practices to enhance collaboration among employees.
“Chicago’s unmatched economic strength and dynamism gives companies like BMO the resources, workforce and talent they need to lead in the global economy of the 21st century,” Chicago Mayor Rahm Emanuel said. “The new BMO Tower not only speaks to BMO’s commitment to our city and its future, it also represents a vote of confidence in the Union Station modernization project as a vital link to economic, cultural and recreational investments for Chicago’s residents, visitors and businesses.”
This initiative was driven by BMO’s Corporate Real Estate team in Chicago, who were represented in the transaction by Steve Stratton and Jeff Liljeberg of JLL.