Tall & Urban News

It has been reported that Third Millennium Group and Hines are partnering to move forward with an office development proposal at 590 W. Madison St. in Chicago’s Loop, which is aiming to attract tenants with new, high-quality space despite high office vacancy rates in the surrounding area.

Designed by Goettsch Partners and the Michael Hsu Office of Architecture, the proposal features a 28-story, 665,000-square-foot building, a revised plan from a design proposed in 2014 for a 41-story office and hotel. The new design includes 605,000 square feet (56,206 square meters) of office space, 50,000 square feet (4,645 square meters) of amenities, and 10,000 square feet (929 square meters) of retail, with features such as outdoor terraces, sports courts, and a climbing wall with skyline views.

The venture comes nearly five years after COVID-19 reshaped office demand, leaving many older high-rises in financial distress. However, according to Costar, developers see potential in the limited supply of modern Class A office space. The site, adjacent to the existing 31-story 540 W. Madison building, offers proximity to the growing Fulton Market and key commuter train stations. While securing pre-leases will be crucial to financing, Hines' reputation for high-quality developments positions the project as a competitive new offering in Chicago’s evolving office market.

Learn more at Costar