Reaching for the Skies

Chicago has long prided itself on being an architectural showcase, and its residents have delighted in topping New York City in almost anything. True, Chicago lagged behind New York in the post-World War II building boom for many years--but lately builders have been reaching for the skies.

In 1968, the 100-story John Hancock Center was opened, and at 1,127 ft. it ranked as the world's second tallest building, after Manhattan's 1,250-ft. Empire State Building. Early this year Standard Oil (Indiana) unfurled plans to put up a Chicago headquarters that, when finished in 1972, will be 9 ft. taller than the John Hancock. Last week Sears, Roebuck & Co. announced that it will build the tallest skyscraper of them all, bigger even than the 1,350-ft. World Trade Center now going up in Lower Manhattan, which was to top the Empire State. The new Sears headquarters, opening in 1974, will be a 109-story tower rising 1,450 ft. Designed by Skidmore, Owings and Merrill, it will occupy a block-square site in the southwest corner of the Loop.

Until recently, many architects believed that the era of huge skyscrapers was finished because they are so costly. But Sears executives expect to gain profit as well as prestige from their building. About two-fifths of its 4,400,000 sq. ft. of office space will be rented out to other tenants. Extremely high floors command premium prices, and Sears plans to charge rents of $8.50 to $12 per sq. ft. The new building will cost more than $100 million, but even in these times of tight money the company can afford it, Sears intends to finance the entire cost out of its accumulated earnings.

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