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601W Plans Makeover for Northern Trust Offices in South Loop
Nine months after acquiring Northern Trust’s now-vacant offices at 801 S. Canal St. in Chicago’s South Loop for $68 million, 601W Cos. has announced redevelopment plans for the 591,577-square-foot property.
Crain’s Chicago Business reported that the New York City-based developer, which transformed the Old Post Office nearby, would soon begin a $180-million makeover to turn the formerly single-tenant property into a multi-tenant complex known as Canal Station.
601W plans to revamp 801 S. Canal for the post-pandemic world. It has engaged the Telos Group to market the property.
“We think we’re right outside one of the hotter corners for offices in the city,” said Telos VP Matt Whipple, noting the Old Post Office and 50-story BMO Tower nearby. “You’re not going through the congestion of downtown to get here…and we think this building [deals with] a lot of the serious concerns that are coming out of the COVID era.”
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