Hines to Develop 57-Story Office Tower in Chicago for Salesforce’s Regional Headquarters

by Taylor Williams

CHICAGO — A partnership led by national development firm Hines has released plans for Salesforce Tower Chicago, a 57-story office tower that will serve as the new regional headquarters for Salesforce (NYSE: CRM). The San Francisco-based software firm is expected to bring 1,000 jobs to Chicago in connection with the project.

Salesforce Tower Chicago will be located in the city’s River North area at the site formerly known as Wolf Point South, which houses several other office skyscrapers. Designed by Pelli Clarke Pelli, the project is slated for completion by 2023.

Salesforce, one of the nation’s fastest-growing software companies that employs more than 32,000 people, will occupy about 500,000 square feet at the property, according to The Chicago Tribune. Salesforce opened in Chicago in 2012 and currently employs about 1,400 people in the Windy City.

The total price of the project was not disclosed, but the newspaper also reported that Salesforce could receive as much as $41.5 million in tax credits if the company meets certain job creation and capital investment criteria.

“Chicago is the Midwest’s largest city with a global and economic force that attracts a wealth of talent and international business,” said Tyler Prince, executive vice president at Salesforce. “We are committed to continued growth in the region and supporting our thousands of Chicago-based customers and partners as they transform their businesses and connect with their customers in new ways.”

Saleforce has committed growing its presence in other major markets, including New York, London and Indianapolis. The company expanded its regional headquarters in Atlanta in October, nearly doubling its footprint and laying the groundwork for an additional 600 jobs to be created.

Salesforce’s stock price closed at $142.76 per share on Friday, Nov. 30, following the announcement of Salesforce Tower Chicago. Following weekend trading, the stock price rose even further, opening at $146.30 per share on Monday, Dec. 3. The price is up from $99.85 per share a year ago.

Taylor Williams

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