151 North Franklin Will Create More Than 2,000 Construction Jobs and Support 3,000+ Employees; Will Join 23 Tower Cranes Already Operating Across Chicago
Chicago, IL – (April 7, 2016) – Mayor Rahm Emanuel and representatives from The John Buck Company, CNA and Hinshaw & Culbertson today broke ground on 151 North Franklin Street. The 35-story building will create 2,700 construction-related jobs and serve as CNA’s new global headquarters. The company has been based in Chicago for 116 years and the new building will pave the way for it to stay for generations to come.
“CNA is an iconic Chicago company with a history that spans more than a century,” Mayor Emanuel said. “But today is about more than this new building. It is about building a new future where Chicago will remain a city on the move for every resident in every neighborhood.”
Soon 151 North Franklin will join the increasing number of tower cranes that are dotting Chicago’s skyline – already numbering more than any other time in the last five years. There are currently 23 tower cranes operating on construction sites in the city. That’s 13 more tower cranes compared to 2011 and four more cranes compared to last year. Additionally, four tower cranes are pending installation. The cranes translate to nearly $2 billion dollars in construction investments and thousands of jobs.
In addition to the 2,700 construction jobs, the 810,000-square-foot new building will accommodate 3,000 tenant employees and employ 45 individuals to manage, secure and operate it. CNA will be leasing 275,000 square feet, and law firm Hinshaw & Culbertson LLP has committed to leasing 100,000 square feet. The Class A building, under development by The John Buck Company (JBC), will be completed in summer 2018.
“JBC has had a tremendous relationship with Alderman Reilly and the city of Chicago over many years, and we are honored to have CNA and Hinshaw & Culbertson as our anchor tenants at 151 North Franklin,” John A. Buck, Chairman, The John Buck Company said. “We’d like to thank Mayor Emanuel for his continued support of this project, and of all businesses throughout our great city. As we move forward with construction, we are committed to hiring a diverse workforce of contractors that represent this great city.”
“CNA is entering our 120th year of business and 116th year in Chicago – it’s our home and we thank Mayor Emanuel for his continued vision and leadership,” Tom Motamed, Chairman and Chief Executive Officer, CNA said. “CNA’s new global headquarters recommits us to this world-class city and will better serve the needs of both our employees and customers.”
The building’s design architect is John Ronan, with Adamson Associates as the executive architect. With LEED-CS Gold Certified design specifications, each of the 35 floors will feature 9’6” finished ceilings, column-less corner offices and column-free space. Amenities will include two restaurants, a professionally-managed fitness center, 250-seat conference facility, three outdoor venues including a rooftop terrace for tenants, 24/7/365 security, bike parking with access to shower facilities and a sundry store. Thirty-four indoor executive parking stalls will be connected to the 500 stall parking garage currently located at 200 West Randolph. The building will be equipped with state-of-the-art technology for HVAC controls, cellular connectivity and electrical distribution.
In March of this year, JBC and CNA completed an $108 million acquisition of the 44-story, 1.1 million-square-foot building at 333 S. Wabash, CNA’s current headquarters. As a part of the agreement, CNA will lease its current offices until the new building completed.
About The John Buck Company
The John Buck Company (JBC) is a privately owned real estate firm specializing in investment, development, property management, leasing, and advisory services. Focused on creating value for investors, owners and tenants, the firm has completed more than $10.5 billion in real estate transactions and developed or redeveloped 41 million square feet of office, mixed-use, residential and hotel projects nationwide. JBC is currently active in Chicago, New York, Washington, D.C., San Francisco, Tucson, Louisville, Wilmington, and Philadelphia. For more information, please visit www.tjbc.com.
Serving businesses and professionals since 1897, CNA is the country's eighth largest commercial insurance writer and the 14th largest property and casualty company. CNA's insurance products include standard commercial lines, specialty lines, surety, marine and other property and casualty coverages. CNA's services include risk management, information services, underwriting, risk control and claims administration. For more information, please visit CNA at www.cna.com. "CNA" is a service mark registered by CNA Financial Corporation with the United States Patent and Trademark Office. Certain CNA Financial Corporation subsidiaries use the "CNA" service mark in connection with insurance underwriting and claims activities.
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Brandon Davis 312-822-5167 | 312-834-6091
Sarah Pang 312-822-6394 | 312-607-5544