The skyscraper that forced an owner into bankruptcy before it was finished

Countries & Cities · Published 15 October 2026 · Updated 25 October 2026 Swipe more like this →

In short: In 1967, construction on what would become a global architectural icon ground to a halt. An innovative engineering method for pouring concrete produced unexpected soil settlements, triggering a massive credit crunch and forcing the project's original owner into bankruptcy.

Conceived by Jerry Wolman in late 1964, the John Hancock Center was designed to be the world's second-tallest building. However, when construction reached just 20 stories, engineers discovered a critical flaw: the soil settlements for those first 20 floors were identical to what they had projected for all 99 stories combined. This discrepancy halted development and created a financial crisis that saw Wolman declare bankruptcy.

The project was saved by the John Hancock Mutual Life Insurance Company, which took over ownership while retaining the original design team: chief designer Bruce Graham and structural engineer Fazlur Rahman Khan. Their signature 'tubular system'—characterized by distinctive X-braced exteriors—allowed the building to withstand wind and earthquake loads while maintaining an open interior floor plan. This engineering feat eventually earned it a place in the World Federation of Great Towers.

The building's history is marked by high-stakes drama, from Dan Goodwin’s 1981 exterior climb to its transition into '875 North Michigan Avenue' after the insurance company requested its name be removed in 2018. Today, it remains a marvel of structural expressionism, featuring the highest indoor swimming pool in the United States on its 44th-floor sky lobby and elevators capable of reaching the top floors at speeds of 1,800 feet per minute.

While it currently stands as the fourteenth-tallest building in the U.S., its legacy is defined by these early technical hurdles. The very methods that nearly destroyed the project are what allowed it to achieve its record-breaking height and iconic status in the Chicago skyline.

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