John Buck Buying CNA Building
In one of the more unusual deals of the year, the John Buck Co announced it signed a LOI to buy the CNA building at 333 S Wabash. In return, the insurance conglomerate signed a LOI for 275k SF at a new, Buck-developed building at 151 N Franklin that will be dubbed CNA Center and serve as CNA's new global HQ.
John Ronan Associates is the design architect for the 35-story tower, with Adamson Associates as the lead architect, Crain's reports. The deal allows CNA to add or subtract up to 20% of the leased space, based on needs. CNA Center will have 820k SF of office space.
CNA's current HQ is best known for being red. The company used to occupy the entire 44-story, 1.1M SF building but now occupies around 750k SF while leasing the rest. Buck will buy the building for more than $100M. [Crain's]