Perseverance

In outmaneuvering several sovereign wealth funds as well as national and international companies in acquiring the Aon Center, 601W recognized that the East Loop neighborhood of downtown Chicago was experiencing an incredible renaissance, as the city’s rising urban center was shifting south of the river. Commencing with the $500 million development of Millennium Park in 2004 ­— which is now one of the major attractions in Chicago — many residential rentals and condominiums have been built and a number of upscale hotels have opened in the East Loop. As a result, the neighborhood has been transformed into a vibrant and active 24/7 community. Over the past several years, many companies have relocated their offices from the suburbs and other parts of the CBD to the East Loop, including many new media and technology firms.

In addition to being at the cutting edge of the neighborhood’s gentrification, 601W substantially upgraded the Property in several ways. The Property has a promenade of about 90,000 square feet of retail space in its lobby and concourse levels. 601W completely renovated its grand but dated north and south lobby areas, and modernized the existing retail experience by enhancing the flooring, lighting, store fronts, and ambiance. 601W also designed an observatory and entertainment center at the top of the Property similar to those at Willis (formerly Sears) Tower and Hancock Tower in Chicago and the Empire State Building in Mahattan. Those observatories generate tens of millions of dollars in additional revenues for each of their respective properties. 601W believes that the Aon Center is much better positioned than these other skyscrapers to take advantage of its unobstructed views of the entire city, park, river, and lake. Moreover, the Property is the only one of these buildings that is situated on a park with 5 million annual visitors, and is in very close proximity to so many other famous tourist attractions and cultural experiences.