The John Buck Company and its partners, Canada Pension Plan Investment Board and the INDURE Fund managed by National Real Estate Advisors, have agreed to commit $145 million of equity capital to initiate a new office tower at 151 N. Franklin.
The development will be located at the northeast corner of Franklin and Randolph streets. The first new office project to be delivered in Chicago since 2009, 151 N. Franklin will be zoned up to a 36-story tower, with 825,000 square feet available to office users. The tower represents the first collaboration between Chicago-based design architect John Ronan, architects Adamson Associates Inc. and The John Buck Company.
“Chicago is a city poised for tremendous growth by fostering innovation and exciting new opportunities. 151 N. Franklin is a fully capitalized project at the heart of the West Loop, providing a very unique space, and is able to meet the needs of the most forward-looking companies,” said John Buck, chairman and CEO of The John Buck Company. “Most importantly, this project brings the optimal size, design and efficiency to meet the existing and future office user needs within the Chicago market.”
Following the completion of a community meeting on Dec. 2, the John Buck Company and 151 N. Franklin team will work with the office of Chicago Ald. Brendan Reilly and the appropriate city departments on zoning strategy, design and community concerns. InterPark LLC, a Chicago-based parking company, acquired the adjacent garage to the east as part of the overall development plan and The John Buck Company has acquired the air rights from the garage. The project team is planning for delivery in the third quarter of 2016.
“Securing the air rights to our neighboring garage means that we will be able to develop a more appropriately scaled office tower while preserving 151 N. Franklin’s eastern-facing views to attract higher profile tenants,” Buck said. “It also provides an especially convenient place for tenants to park.”