REAL ESTATE - COMPANY NEWS
Tuesday, December 11, 2018
BMO Financial Group Unveils Plans for its new Flagship Headquarters in Downtown Chicago (CNW Group/BMO Harris Bank)
REAL ESTATE - COMPANY NEWS
Source : BMO Harris Bank
BMO Financial Group (NYSE: BMO,TSX: BMO) today announced plans for a new office tower in Chicago. Central to BMO's business transformation strategy, the new BMO Tower will be developed by Riverside Investment & Development and Convexity Properties, in partnership with the bank. Approximately 3,600 employees will ultimately be located across 14 floors of the 50-floor, 700 foot building, which opens in 2022.
"We are accelerating our strategy to build on our growth in the United States, our competitive advantage in Chicago and the Midwest, and deliver for our customers across North America. The BMO Tower in Chicago will be a centerpiece to the business transformation that's underway at our company," said Darryl White, Chief Executive Officer, BMO Financial Group.
For BMO customers, the new tower will include a state-of-the-art branch, ATMs and the latest innovations in banking. Whether customers are meeting an investment banker for advice on their business, getting assistance for a small business, or checking in with their wealth management advisor, the BMO Tower will be a great place to interact with employees from across the bank's diverse businesses. Located in the popular West Loop neighborhood, the new tower is part of a larger neighborhood transformation which includes 1.5 acres of new public park space surrounding the tower.
"Chicago's unmatched economic strength and dynamism gives companies like BMO the resources, workforce, and talent they need to lead in the global economy of the 21st century," Mayor Rahm Emanuel said. "The new BMO Tower not only speaks to BMO's commitment to our city and its future, it also represents a vote of confidence in the Union Station Modernization Project as a vital link to economic, cultural and recreational investments for Chicago's residents, visitors and businesses."
"We've operated in Chicago for over 150 years," added David Casper, U.S. Chief Executive Officer, BMO Financial Group. "With a nod to the past, we're investing in our future in Chicago, building a world class office tower in a world class city, while providing our employees with a modern, progressive, cutting edge workspace designed to help them succeed."
BMO Tower's central location will provide employees with easy access to air transportation, rail networks, CTA, road and bike paths, helping BMO continue to attract the best and brightest talent. Furthermore, it will be a model of progressive workplace design and improved efficiencies, featuring advanced digital technology, abundant natural light and modern workplace design practices to enhance collaboration among employees.
"This new workplace, along with other initiatives like the BMO Urban Campus in Toronto and BMO Tower in Milwaukee, is an example of how we are working differently through agile innovation to drive value," added Mr. White. "The location will also help to attract top talent, meet the changing demands of an increasingly mobile workforce, and accelerate the delivery of customer solutions to market."
This initiative was driven by BMO's Corporate Real Estate team in Chicago, who were represented in the transaction by Steve Stratton and Jeff Liljeberg of JLL.