One Prudential Plaza

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One Prudential Plaza
2004-09-08 1600x2840 chicago prudentials.jpg
One Prudential Plaza with Two Prudential Plaza towering behind
One Prudential Plaza
Former namesPrudential Building
General information
StatusCompleted
Location130 E. Randolph St.
Chicago, Illinois
United States
Coordinates 41°53′06″N87°37′24″W / 41.8849°N 87.6233°W / 41.8849; -87.6233
Completed1955
Height
Antenna spire912 ft (278 m)
Roof601 ft (183 m)
Technical details
Floor count41
Floor area1,762,989 sq ft (163,787.0 m2)
Design and construction
Architect(s)Naess & Murphy
Structural engineerNaess & Murphy
Main contractorGeorge A. Fuller Co.

One Prudential Plaza (formerly known as the Prudential Building) is a 41-story structure in Chicago completed in 1955 as the headquarters for Prudential's Mid-America company. It was the first skyscraper built in Chicago since the Great Depression of the 1930s and the Second World War. The plaza, including a second building erected in 1990, is owned by BentleyForbes and a consortium of New York investors, since the Great Recession of the early 21st century. [1]

Contents

History of construction

The structure being built in the 1950s Photography by Victor Albert Grigas (1919-2017) INDUSTRIAL 00510 (49316859987).jpg
The structure being built in the 1950s

The structure was significant as the first new downtown skyscraper constructed in Chicago since the Field Building, 21 years earlier and was built on air rights over the Illinois Central Railroad. [2] It was the last building ever connected to the Chicago Tunnel Company's tunnel network. When the Prudential was finished it had the highest roof in Chicago with only the statue of Ceres on the Chicago Board of Trade higher. Its mast served as a broadcasting antenna for Chicago's WGN-TV. [2] The architect was Naess & Murphy, a precursor to C.F. Murphy & Associates and later Murphy/Jahn Architects. [3]

Later purchase

In May 2006, BentleyForbes, a Los Angeles-based real estate investment firm run by Frederick Wehba and his family, purchased One Prudential Plaza, along with its sister property, Two Prudential Plaza for $470 million. [4]

After a default on the mortgage encumbering the towers during the Great Recession of the early 21st century, New York-based investors 601W Companies and Berkley Properties took control of the towers after investing more than $100 million in equity to recapitalize. [5] BentleyForbes, the prior controlling owner of the towers, continues to have an interest in the owning partnership. [6]

Tenants

in 1964 1964-CM05015 (3552240511).jpg
in 1964
1943 view from One Prudential Plaza location Illinois Central Railroad freight terminal, Chicago, Ill Restored.jpg
1943 view from One Prudential Plaza location

The building was the home of the Chicago Tribune and Tribune Publishing after leaving Tribune Tower in July 2018 [25] until January, 2021. [26]

See also

Position in Chicago's skyline

Chicago skyline labelled.jpg311 South Wacker111 South WackerChase Tower77 West WackerIBM PlazaAon CenterBlue Cross and Blue Shield TowerPark TowerHarbor Point

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References

  1. ↑ Gapp, Paul (December 23, 1990). "Too prudent Two Pru design is functional but uninspired" . Chicago Tribune . p. 3.
  2. 1 2 Fuller, Ernest (December 9, 1955). "Dedicate New Prudential 41 Story Building". Chicago Tribune . Retrieved September 3, 2017.
  3. ↑ Heise, Kenan. "CHARLES F. MURPHY, CHICAGO ARCHITECT". chicagotribune.com. Retrieved 2018-10-12.
  4. ↑ Gallun, Alby (May 30, 2006). "BentleyForbes secures financing for Prudential Plaza purchase". Crain's Chicago Business . Retrieved September 3, 2017.
  5. ↑ Ori, Ryan (September 8, 2015). "Prudential Plaza gets new $415 million loan". Crain's Chicago Business. Retrieved September 3, 2017.
  6. ↑ "Gleicher Leads NY Investors in Acquisition of Controlling Interest of Chicago's Prudential Plaza Office Towers" (Press release). Olshan Frome Wolosky LLP. June 6, 2013.
  7. ↑ "Contact Us".
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