CHICAGO--(BUSINESS WIRE)--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.
“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.