Major New Office Tower to Rise in Chicago
(CHICAGO) – Hines announced today the closing of its transaction with Ivanhoé Cambridge, one of the 10 largest real estate companies in the world, to build a 45-story office tower in the West Loop in downtown Chicago. The tower, River Point, is being developed by Ivanhoé Cambridge and Hines, on land co-owned by local business leader Larry Levy. Construction is expected to commence before year-end, and tenant occupancy to begin in early 2016.
"This closing demonstrates the tremendous confidence that one of the world's largest investors and the city's largest real estate developer have in the job growth and economic development in downtown Chicago,” said Mayor Rahm Emanuel. “Great companies and great buildings often go hand-in-hand, and I am committed to building the city’s business community so it continues to attract and retain the best companies in the world. Buildings like this one will be instrumental in that mission and I am pleased that this project is moving forward.”
A world-class office tower, River Point was designed by noted architectural firm Pickard Chilton and will be built at 444 West Lake Street on the western bank of the Chicago River near two rail hubs in the West Loop, overlooking the river toward Lake Michigan. Containing approximately 900,000 square feet of leasable space, the project will include a majestic 1.5-acre public park atop the existing rail infrastructure that will connect the tower and its 450-linear feet of newly landscaped walkway to the Chicago Riverwalk. The tower is pre-certified LEED® Gold.
The partnership of Hines with Ivanhoé Cambridge has an established track record for successful development in recent years with two other high-profile construction projects: Eighth Avenue Place in Calgary, Alberta, Canada, and the T1 tower in the La Défense business district of Paris.
About Ivanhoé Cambridge
Ivanhoé Cambridge is one of the world's 10 largest real estate companies. As at December 31, 2011, its assets totaled more than CAD30 billion and can be found in over 20 countries around the world. Headquartered in Montréal, Québec, Canada, the company owns more than 30 office buildings in the United States. Ivanhoé Cambridge is the real estate subsidiary of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada's leading institutional fund managers. For further information, please visit ivanhoecambridge.com.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,192 properties representing more than 482 million square feet of real estate. With offices in 110 cities in 18 countries, and controlled assets valued at approximately $22.9 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.
Project website: chicagoriverpoint.com