Council on Tall Buildings and Urban Habitat
 

Visit to the 300 North LaSalle Tower, Chicago

November 3rd, 2010

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On Wednesday, 3 November 2010, CTBUH Communications Manager Jan Klerks, Database Editor Marshall Gerometta and Journal Co-Editor Bob Lau participated in a tour of the 300 North LaSalle Building in downtown Chicago. Developed by Hines, the 60-storey, 121,770 square meter  (1.3 million square foot) building traded in August 2010 for $503 per square foot, shattering Chicago’s previous pricing record.

 
300 North LaSalle as seen from Wacker Drive Looking up from 300 North LaSalle

Organized by the ULI Chicago Young Leaders Group, the tour started with an introduction by Hines Vice-President Jim Walsh, who presented on the development process of the 239-meter (785-feet) tall tower, its construction, the leasing and the ultimate sale. The keys to Hines’ success were exemplary leasing and significant demand for core real estate assets. A main lesson from the presentation is that the value of a building is mostly determined by the value of the lease contracts. Currently, 95% of the building is leased. Kirkland & Ellis, one of Chicago's leading law firms, is the anchor tenant and leases floors in the low-rise and mid-rise sections of the building. Other tenants include the management consulting firm Boston Consulting Group, private equity firm GTCR, investment bank Moelis & Company, and the restructuring and consulting firm Alix Partners.

 
300 North LaSalle under construction Riverwalk

In addition, 300 North LaSalle offers amenities such as an efficient floor plate, 200 feet of frontage along the river with an outdoor plaza, a three-level, 225-car garage, a white-tablecloth restaurant, and tenant amenity center. The building has obtained Gold LEED-CS certification, which amongst other strategies is accomplished by the use of a river water cooling system and a 50% green roof top. After the presentation, participants were taken on a tour of the tower, which included a visit to the 55th floor, allowing for splendid views. Following the conclusion of the tour, participants were invited to an informal reception at Chicago Cut, the new restaurant and bar overlooking the river.

 
Artworks Lobby


View of the Chicago skyline as seen from the 55th floor

All images taken by Marshall Gerometta, CTBUH