One Prudential Plaza

One Prudential Plaza
One Prudential Plaza with Two Prudential Plaza towering behind
Former names Prudential Building
General information
Status Complete
Location 130 E. Randolph St.
Chicago, Illinois
United States
Coordinates 41°53′06″N 87°37′24″W / 41.8849°N 87.6233°W / 41.8849; -87.6233Coordinates: 41°53′06″N 87°37′24″W / 41.8849°N 87.6233°W / 41.8849; -87.6233
Completed 1955
Height
Antenna spire 912 ft (278 m)
Roof 601 ft (183 m)
Technical details
Floor count 41
Floor area 1,762,989 sq ft (163,787.0 m2)
Design and construction
Structural engineer Naess & Murphy
Main contractor George 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]

History of construction

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]

Recent 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, represented by New York law firm Olshan Frome Wolosky LLP 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

1943 view from One Prudential Plaza location

See also

Position in Chicago's skyline

311 South WackerWillis TowerChicago Board of Trade Building111 South WackerAT&T Corporate CenterKluczynski Federal BuildingCNA CenterChase TowerThree First National PlazaMid-Continental PlazaRichard J. Daley CenterChicago Title and Trust Center77 West WackerPittsfield BuildingLeo Burnett BuildingThe Heritage at Millennium ParkCrain Communications BuildingIBM PlazaOne Prudential PlazaTwo Prudential PlazaAon CenterBlue Cross and Blue Shield Tower340 on the ParkPark TowerOlympia Centre900 North MichiganJohn Hancock CenterWater Tower PlaceHarbor PointThe ParkshoreNorth Pier ApartmentsLake Point TowerJay Pritzker PavilionBuckingham FountainLake MichiganLake MichiganLake MichiganThe skyline of a city with many large skyscrapers; in the foreground are a green park and a lake with many sailboats moored on it. Over 30 of the skyscrapers and some park features are labeled.

References

  1. ↑ Gapp, Paul (December 23, 1990). "Too prudent Two Pru design is functional but uninspired". Chicago Tribune. p. 3. (Subscription required (help)).
  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. ↑ Grossman, Ron (June 2, 2018). "Leaving Tribune Tower: 'The world's most beautiful office building'". Chicago Tribune. Retrieved September 2, 2018.
  8. ↑ "Media Kit" (PDF). Society of Women Engineers. Retrieved September 3, 2017.
  9. ↑ "About Us". AISC. Retrieved September 3, 2017.
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