(CHICAGO, IL) –Ivanhoé Cambridge and Hines, global real estate firms, today announced the repositioning of 10 & 120 South Riverside Plaza, a two-building, 1.4 million-square-foot office complex situated in the prestigious West Loop submarket on the west bank of the Chicago River, which is expected to be completed in 2024.
Ivanhoé Cambridge, property owner, along with Hines, asset and property manager, will be commencing renovations at 10 & 120 South Riverside Plaza that will add new all-season amenities to enhance the tenant experience and create a new standard for office buildings in the market. The improvements include expanded lobbies, an immersive tenant lounge, private outdoor spaces, and enhanced fitness and wellness amenities inclusive of massage therapy, nutritional consultation, and personal training. The properties’ sweeping public plazas overlooking the river will also be redeveloped with contemporary public seating areas and abundant landscaping.
Additionally, two new leases have been signed with the first tenants of the newly repositioned space. Levenfeld Pearlstein, the Chicago-based law firm, has signed a long-term deal for 37,000 square feet at 120 South Riverside. Vitality Group, a global health and well-being company that works with insurers, health solutions and employers to engage and sustain their people in healthy behaviors with demonstrated improvement in health outcomes, has also signed a long-term lease for 29,000 square feet at 120 South Riverside.
“We’re thrilled to see how Levenfeld Pearlstein, the Vitality Group, as well as 10 & 120 South Riverside Plaza’s current customers, share our vision of how the office experience and its built environment should keep evolving to foster connections and a sense of community,” mentioned Jonathan Pearce, Executive Vice President, Leasing and Development, at Ivanhoé Cambridge. “The added amenities and our focus on keeping innovation, customer experience, hospitality, and wellness at the forefront of this redevelopment will undoubtedly appeal to Chicago’s top tenants.”
“Our continued partnership with Ivanhoé Cambridge demonstrates a shared commitment in defining the demands for the office of the future and meeting the needs of today’s workers,” said Brian Atkinson, managing director at Hines. “This transformation will turn this well-recognized office complex into a high-quality campus product that the market hasn’t seen before, in the best location in the entire city.”
As part of both Ivanhoé Cambridge and Hines’ ESG strategies to elevate their commitments to tenant experience and environmental, social and governance issues, the firms have jointly hired a consulting firm to help identify and implement innovative smart building strategy to digitize the two buildings to enable and measure efficiency and user experience. The ultimate plan is to scale the learnings and technologies across other assets as appropriate.
10 & 120 South Riverside Plaza continues to attract and retain a diversified tenant base, with an increasing concentration of technology users drawn to the highly flexible and efficient floor plates and amenity-rich location. Offering large, 36,000-square-foot floor plates with minimal columns, allows for an abundance of natural light and spectacular views from all floors. The property is located within steps of Chicago’s two busiest commuter train stations, Union Station and Ogilvie Transportation Center, the area’s three major highways, as well as the "L" train system.
Levenfeld Pearlstein was represented by Todd Mintz and John Zeffery from JLL. Vitality Group was represented by Matt Carolan and Robert Schmidt from JLL. Kelsey Scheive and Jon Cordell of CBRE oversee office leasing for the buildings on behalf of ownership. For more information, visit: https://10and120sriverside.buildingengines.com/
About Ivanhoé Cambridge
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a long-term view to generate optimal, risk-adjusted returns. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint.
Vertically integrated in Canada, Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in more than 1,200 buildings, primarily in the industrial and logistics, office, residential and retail sectors. Ivanhoé Cambridge held close to C$69 billion in real estate assets as of December 31, 2021 and is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), a global investment group. For more information: ivanhoecambridge.com
About Hines
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management totaling approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit http://www.hines.com for more information.
¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2021.
