(CHICAGO, IL) – Ivanhoé Cambridge, a global real estate investor and the property’s owner, and Hines, a global real estate firm and the property’s asset and property manager, today announced that they have recently executed approximately 75,000 square feet of new leases at 10 & 120 South Riverside Plaza, a two-building, 1.4 million-square-foot, Class A office complex located in Chicago’s coveted West Loop submarket. Over the course of the last 12 months, the property has signed and renewed approximately 156,000 square feet of office leases in total. The new tenants include:
- Attorneys’ Liability Assurance Society (ALAS), providing a superior source of insurance coverage alongside a level of service that is unmatched within the commercial marketplace (37,000 square feet, arranged by David Stein of Steinco Corporate Real Estate Advisors)
- Pinterest, the visual inspiration platform where people come to search, save, and shop the best ideas (24,000 square feet, arranged by Travis James, Hugh “Scotty” Scott, Scott Becker, Rob Schmidt and Eddie Viliunas of JLL)
- Syska Hennessy Group, a full-service engineering firm that specializes in MEP, information and communication technology (ICT) and commissioning for the government and commercial sectors (14,000 square feet, arranged by Brian Means of JLL).
Kelsey Scheive and Kelsey Morgan of CBRE oversee office leasing for the buildings on behalf of ownership.
“We are thrilled to extend a warm welcome to all new tenants joining 10 & 120 South Riverside Plaza,” said Jonathan Pearce, Head, Investments, Office, and Life Sciences, United States at Ivanhoé Cambridge. “This sustained leasing momentum is a direct reflection of our successful plans to reinvent the property, and it proves the thesis that current and prospective tenants are actively seeking out highly amenitized and experiential spaces anchored within a vibrant and accessible mixed-use ecosystem. By strategically investing in hospitality-driven, sustainable upgrades, we are cementing 10 & 120 South Riverside Plaza as a community magnet that continues to redefine the work experience.”
“The leasing success we’ve had at 10 & 120 South Riverside Plaza this year is a testament to how the property is being adapted to accommodate the needs of today’s companies, who are looking for an elevated experience rather than just a space to work,” stated Matt Bailey, managing director at Hines, which manages the property. “The building’s variety of new tenants and their commitments demonstrate that demand for high-quality, well-located, amenity-rich and efficiently managed office space endures as more organizations determine their long-term office plans. We’ve been an active owner and operator in Chicago for 40 years, and we continue to believe in the tremendous opportunity to invest in this market.”
The new tenants join Raymond James (arranged by Todd Brandon, Steve Schneider, Chip Evans and Presley Norby of Cushman & Wakefield); Levenfeld Pearlstein (38,000 square feet, arranged by Todd Mintz of JLL); and Vitality Group (29,000 square feet, arranged by Matt Carolan and Rob Schmidt of JLL), all of whom recently signed leases at the property.
10 & 120 South Riverside Plaza is currently undergoing an extensive $75 million redevelopment program, which is slated for completion in Q4 2024. The redevelopment will expand the building’s lobby, pivoting from mid-block ingress/egress to entrances on Monroe Street, which will accentuate the property’s hospitality experience. It will also add prominent monument signage; a redesigned plaza to create a park-like setting, featuring robust green space with ample seating; a tenant-exclusive indoor/outdoor lounge; a 200-seat conference center; an expanded fitness center with an adjacent exterior pickleball court and multi-season fitness court; and river-facing balconies.
The property is located directly adjacent to Ogilvie Transportation Center, Union Station and the “L” train system, providing tenants with convenient access to public transportation. The West Loop neighborhood has become a trendy hotspot for Chicago residents, offering a wide range of unique eateries, ample nightlife and live music venues, upscale shopping and boutiques including the Randolph Street Market, and much more.
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 view to generate long-term performance. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint.
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 1,500 buildings, primarily in the industrial and logistics, office, residential and retail sectors. Ivanhoé Cambridge held C$77 billion in real estate assets as of December 31, 2022, and is part of CDPQ (cdpq.com), a global investment group. For more information: ivanhoecambridge.com.
About Hines
Hines is a global real estate investment, development, and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage nearly $94.6B¹ in high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 790 properties totaling nearly 269 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization and RIA AUM as of June 30, 2023.
