Boost for Homart project // One more tenant needed for 47-story tower

A letter of intent for a 160,000-square-foot tenant has givenHomart Development Co. a big boost toward starting its FranklinCenter Building at Franklin and Adams, where Sears Roebuck and Co.now has a parking garage for the Sears Tower.

Homart executive Jim Hogan confirmed that a major insuranceorganization has signed the letter of intent, which should befinalized as a contract in mid-June. The plan is to build a 47-storytower with 1.6 million square feet on the site.

The company needs one more big tenant to begin the project, butis confident that current negotiations will produce at least one inthe near future.

"There are several other major transactions in the works," Hogansaid. "Everything is on schedule and working toward the developmentof the building this year." GUTHRIE LEAVES URBAN

G. Ralph Guthrie, co-chairman of the influential ChicagoDevelopment Council, has quietly retired as chairman of UrbanInvestment and Development Co.

At Urban, he was a key factor in the development of 900 N.Michigan, 333 W. Wacker and the Copley Place project, the largestcomplex in Boston. He joined Urban (now owned by JMB Realty Corp.)in 1976, just as Water Tower Place was being completed, and helpedmake it a prototype of mixed-use development.

Guthrie, 61, intends to remain associated with real estate as atrustee of the Chicago Dock and Canal Trust, which is developing theeastern portion of the Cityfront Center complex on the Chicago Rivereast of Michigan Avenue.

"I hope to be on Chicago Dock's committees that deal withproductive development opportunities," he said.

Guthrie has no plans to work more than half the time. "But Ilove the real estate business and want to continue with the industry,not necessarily in the Chicago area." NBC TOWER LAUNCHED

Developer Tishman-Speyer Properties and owner Equitable LifeAssurance Society put on a splashy private party last night for thegrand opening of the first new building at Cityfront Center, the40-story NBC Tower. With the lease announced this week for NavistarInternational Corp., the building already has 58 percent of its spacetaken.

After the opening last week of the upper level of IllinoisStreet to provide easy access to the building and the demolition ofthe homely Mandel Building that partly hides it from the MichiganAvenue side, the city will begin to get a better look at whatCityfront Center is going to be like as it develops over the next12-15 years. The Mandel demolition is scheduled to be completed inJuly. GROCER ON MAG MILE

Bockwinkel's, a full-service food market, will take 12,000square feet to join lead tenant Saks Fifth Avenue at Chicago Place,700 N. Michigan, when the shopping center opens in August, 1990.

The lease is the first announced since the Saks commitment tothe 320,000-square-foot complex with 150,000 square feet. DeveloperBCE Development Corp. spokeswoman Suzy Gershow says more leases willbe announced soon.

"Our leasing people are very pleased with the response to thebuilding," she said. "The committed space is now up to 56 percent,including specialty stores that have been signed."

As the first grocery on the Magnificent Mile, Bockwinkel's willserve a sizable and growing population in high-rise apartmentbuildings just to the west, as well as the residents of the 42-storyluxury tower that will be built above the shopping center.

The company was started in Lake Barrington by Jerry Bockwinkel,who has been in the specialty food stores business for residentialhigh-rises, as well as management positions with Jewel Food Stores.He said the store will "embody the essence of an internationalmarketplace while maintaining a traditional Midwestern atmosphere." AWARDS EVENT TONIGHT

Tonight is the big night for the winners of Chicago Sun-TimesCommercial Real Estate Awards. About 500 of the top people in theindustry will gather at the Hotel Sofitel O'Hare for the presentationto 30 companies and individuals who have won the honors over the lastfive years.

The 1988 winners will especially be recognized. They arePrudential Property Co. as developer of the year; the 10-30 S.Wacker Building by Metropolitan Structures and JMB Realty Corp. asdowntown development of the year; Westchester Corporate Center byPodolsky & Associates as the top suburban development; North PierTerminal by Broadacre Development as rehab project of the year; andBurton Friedman of U.S. Equities, Brenda Sexton Ryndak of Julien J.Studley and Goldie Wolfe of Rubloff Inc. as brokers of the year.