Construction commenced on Chicago office tower

After a few years without much change, the West Loop area of downtown Chicago is set to get a new look. This is tied to the construction of a new office tower that recently commenced. The 45-story building is expected to be ready for tenants sometime in 2016.

The development, which is by most standards a large one, will house 900,000 square feet of office space for lease. It will also include a public park covering 1.5 acres. The park will be along the Chicago River, above train tracks currently occupying the space. Reflecting current building trends, the development has been pre-certified LEED Gold.

In addition to the physical impact the development of a building such as this one has on a city, it has an economic impact as well. In addition to creating jobs while the building is in the process of being built, it is also expected to lead to over 3,000 permanent office jobs.

In a project such as this one there are many moving parts that must be properly addressed for it to work. In addition to securing financing to purchase the property upon which the development is to be built, the sales transaction must be completed. Once complete, the construction contracts need to be drafted and once the building is complete, lease agreements drafted.

Most real estate endeavors in the Chicago area, whether they are residential or commercial, are not as grand of scale as this one. Nonetheless, while the size may be smaller scale, many of the issues encountered are the same. In most cases working with a lawyer is a necessity for making sure everything is handled correctly.

Source: Commercial Property Executive, "Construction Begins on 45-Story West Loop Office Tower," Veronica Grecu, Jan. 18, 2013

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