Finally … A Spec Tower
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|It’s official; a JV of Montreal-based Ivanhoe Cambridge ($300M), Houston-based Hines ($100M) and Chicago’s Larry Levy today announced that it is developing a spec 45-story office tower downtown at 444 W. Lake St. In an office market where large blocks of Class-A space are getting harder to find, the Pickard Chilton designed, glass clad riverfront tower will have a first mover advantage in snagging tenants. The $400M West Loop high-rise is the largest real estate development to start in the past five years, and the first spec office tower in at least a dozen years. Asking rents will be about $35/SF net.|