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With The Howard Hughes Corp. set to build a 51-story tower at 110 North Wacker, General Growth Properties is in need of a new headquarters. The retail developer signed a lease with Equity Office for 168K SF at River North Point, 350 North Orleans. GGP is expected to move to its new home in Q1 2018.
GGP will occupy the entire fourth floor, and parts of the third and fifth floors, of the 1.3M SF building. Equity Office Senior Vice President David Moore, who is a panelist at Bisnow's fifth annual Construction and Development event on Aug. 29, said GGP chose River North Point over other buildings because of its location on the Chicago River, its large floor plates, its access to public transportation and the neighborhood amenities of River North.
Blackstone Group bought River North Point, formerly the Apparel Center, for $378M in July 2015. CBRE's Michael Kazmierczak, Ron Lakin and Ellen Zalatoris repped Equity Office in the lease, while GGP was repped by JLL's Vineet Sahgal and Meredith O'Connor.
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