While current conventional wisdom is that the pandemic forever changed office occupancy and space requirements, one company is betting big on the long-term viability of its downtown office tower.
Chase is planning a multi-year, full-scale renovation of its 55-year-old, 60-story office tower in Chicago’s loop, according to Archinect. The building, home to 7,200 employees, is the tallest building inside the official boundaries of the Loop – the Chicago Transit Authority’s loop of elevated tracks.
The renovation designed by Gensler, which is planned to be a yet-to-be-specified level of LEED certification, will include a redesigned lobby, plaza, and mezzanine, redesigned office space with updated technology and furniture, and a new conference and client center on the top floors. The building currently has a silver rating with LEED Operations and Maintenance achieved in 2015.
Part of the reason for the decision to renovate the tower, according to the Chicago Sun-Times, is it would’ve cost the company more money to try to sell the building, with values declining by 40 percent since the pandemic. Vacancy rates reached 21.1 percent in Chicago’s central business district at the end of 2023, according to data from CBRE.
Greg Zimmerman is senior contributing editor for FacilitiesNet.com and Building Operating Management magazine.
