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John Buck Takes Step Forward with West Loop Office Development Plan
The John Buck Company has taken a key step forward in its plan to build a two-tower office building in the West Loop, buying the site intended for the project despite challenging times for downtown office landlords.
A TJBC spokeswoman told Crain’s Chicago Business that it recently acquired a surface parking lot at 655 W. Madison St. for $53 million, where it plans an ambitious 1.5 million-square-foot development. The sale completes a deal John Buck reached in 2019 with the property’s longtime owner to buy the site if the city approved Buck’s redevelopment plan, which hasn’t been okayed yet.
Buck is betting that the newest and most up-to-date office buildings will outperform the rest of the market moving forward, as they have during the pandemic. “There is simply not enough [Class A] product, as evidenced [by] the performance of the latest generation of new buildings,” Buck said in a statement.
Rendering by HOK and Juan Gabriel Moreno Architects.
- ◦Sale/Acquisition
- ◦Development
