Pritzker Realty and Higgins Development Partners Break Ground On Hyatt Center Office Tower
Local Dignitaries Attend Ceremony for 47-Story Tower
CHICAGO--Pritzker Realty Group L.C. and Higgins Development Partners L.L.C. broke ground today on the new 47-story Hyatt Center, now under development at 71 S. Wacker Dr. in Chicago, Ill. The office tower will serve as the future headquarters for Hyatt Corporation and its affiliates. Additionally, the international law firm of Mayer, Brown, Rowe & Maw, and financial services firm Goldman, Sachs & Co. have signed leases to become major tenants.
The 47-story Hyatt Center office tower is the first building in Chicago to be designed by architect Pei Cobb Freed Associates, LLP, working in association with A. Epstein & Sons International, Inc. Among Pei Cobb Freed Associates' best known works are the John F. Kennedy Library and the John Hancock Tower in Boston, the Morton H. Meyerson Symphony Center and Fountain Place in Dallas, the Bank of China Tower in Hong Kong, the expansion and modernization of the Louvre museum in Paris, the San Francisco Main Public Library, the East Building of the National Gallery of Art and the United States Holocaust Memorial Museum in Washington D.C.
"We are thrilled to be working with Pei Cobb Freed Associates to craft a state-of-the-art office tower," said Penny Prizker, president of Pritzker Realty Group, L.P., and founder and chairman of Classic Residence by Hyatt, the senior living affiliate of Hyatt Corp. "Hyatt Center has been created to handle the needs of business for the 21st century because of its superior design, location, capabilities and systems."
Jack Higgins of Higgins Development Partners, LLC, said, "We are delighted to have Mayer, Brown, Rowe and & Maw and Goldman, Sachs & Co. on board at Hyatt Center and expect occupancy to begin in the first quarter of 2005."
Mayer, Brown, Rowe and & Maw has leased approximately 450,000 square feet, Goldman, Sachs & Co. has leased approximately 180,000 square feet and Hyatt Corporation and its affiliates are expected to occupy approximately 315,000 square feet. Hyatt Center's total square footage will be 1.7 million, and limited retail space will be available.
JF McKinney & Associates, Ltd. is responsible for leasing the remaining 400,000 square feet of available space within the new Hyatt Center.
Currently, there are 207 Hyatt hotels and resorts around the world. Hyatt Corporation and its affiliates manage, franchise, or operate 123 hotels and resorts in the U.S., Canada, and the Caribbean. Affiliates of Hyatt International Corporation manage, franchise, or operate 84 hotels and resorts in 39 countries. The Hyatt Corporation Web site is at
Pritzker Realty Group, L.P., is the real estate investment advisory group and asset manager for real estate-related investments of interests of the Pritzker family. It manages and oversees investments in land developments, multi-family, senior housing, industrial properties, commercial retail, and office buildings for its clients.
Higgins Development Partners, an affiliate of Pritzker Realty Group, provides comprehensive real estate development service to corporate, institutional and public sector clients throughout United States and Canada. The company's portfolio consists of highly successful office, industrial, government, laboratory and institutional projects.
The Hyatt Center team:
- Developer: Higgins Development Partners, LLC/Pritzker Realty Group, L.P.
- Architects: Pei Cobb Freed Associates Architects, LLP, and A. Epstein & Sons International, Inc.
- Construction Manager: Bovis Lend Lease Structural Engineer: Halvorson & Kaye Structural Engineers, P. C.
- Mechanical, Electrical, and Plumbing Engineer: Environmental System Design, Inc.
- Leasing: JF McKinney & Associates, Ltd.
- Legal: Katten Muchin Zavis Rosenman