The redevelopment of 550 West Jackson transformed a squat, undistinguished office building into an architecturally acclaimed hub for 21st-century business. Planned as a 12-story bank headquarters, the building was reduced to four stories when constructed in 1961. Nearly 40 years later, only a long-term lease for an MCI WorldCom switching station stood between the timeworn structure and demolition. Seeing the value of the site’s location directly atop the city’s telco grid, Goodman salvaged the building and, in a feat of structural engineering, expanded it to 18 stories. After attracting a roster of blue-ship tenants, Goodman sold the building for a profit in 2005 for $125 million, or $307 per square foot. It was the highest price per square foot at the time.
MGA’s construction arm played a critical role in orchestrating the architectural, engineering and building team behind the successful completion of this complex redevelopment project. Over the course of two years, MGA Management Services coordinated the transformation of a four-story structure into an 18-story tower attracting blue-chip tenants and winning rave reviews for its architectural design. Most remarkably, MGA completed the redevelopment, on time and within budget, without interrupting an MCI WorldCom switching station in the building’s base that remained in constant operation throughout the construction process.
“The first check we cut to our general contractor, for $1.5 million, was the largest check I had been involved with at that time. It was a great feeling to be issuing checks to each of our investors, for a similar amount, four years later when the property sold.”- Troy Imke on 550 W Jackson