The Canadian Pension Plan Investment Board (CPPIB) has entered into a partnership to fund a technologically-advanced and sustainable building in Chicago’s West Loop.

CPPIB is partnering with Chicago-based commercial real estate developer The John Buck Company and the INDURE Fund managed by National Real Estate Advisors. The partners have committed $145-million USD of equity capital to start this project.

The building, 151 North Franklin, is the first new office project in Chicago since 2009. It is zoned to be up to 36-storeys high and 825,000 square feet. Chicago-based architect John Ronan will work with Adamson Associates Inc. and The John Buck Company to design the building.

“151 North Franklin is a fully capitalized project at the heart of the West Loop, providing a very unique space, and is able to meet the needs of the most forward-looking companies,” says John Buck, chairman and CEO of The John Buck Company. “Most importantly, this project brings the optimal size, design and efficiency to meet the existing and future office-user needs within the Chicago market.”

As part of the overall development plan, parking company InterPark acquired the adjacent garage to the east of the building, with The John Buck Company acquiring the air rights from the garage.

The design of the building is expected to reduce tenants’ operating costs. It will also give them more control over their offices and provide easy access to necessary technology. Key building features will include:

• 25,000-square-foot column-free floor plates
• Furnished ceilings that are 10-feet in height, and full height floor-to-ceiling glass throughout the building
• Separate electrical feeds and automatic switching gear, and space for tenant-specific standby generators to provide “always-on” power
• Uninterrupted mobile communications and Wi-Fi connectivity through the building, including the parking garage and elevators

The building will also have a rooftop sky garden, an at-grade plaza and a publicly accessible outdoor terrace on the second floor. The building will work towards LEED Gold certification.