(CHICAGO) – Hines, the international real estate firm, in a joint venture with Diversified Real Estate Capital, LLC (DRE) and American Realty Advisors (ARA), announced today that Chicago-based restaurant group, Lettuce Entertain You Enterprises (LEYE), has signed a lease for more than 38,000 retail square feet at 321 North Clark Street, an 896,502-square-foot, Class A office building undergoing a major renovation in Chicago’s River North.
321 North Clark Street will transform one of Chicago’s most prominent riverfront office towers into Chicago’s premier dining destination. The new restaurant and events venue, RPM on the Water, is slated to open in summer 2019.
R.J. Melman, president of Lettuce Entertain You, commented, “We are thrilled with the opportunity to reinvent one of the best riverfront locations in Chicago. River North has been a fantastic home to many of our restaurants, and we look forward to launching a great project at 321 North Clark Street.”
The dramatic four-level space cascades down to the Chicago River and will house three separate venues including an upscale bi-level restaurant, a private events space and a yet-to-be-named casual concept, all with outdoor areas and expansive views overlooking the Chicago River and city skyline. It will be the centerpiece of a complete renovation of the building in 2018, which includes a Goettsch Partners-designed lobby, an expanded fitness center and tenant lounge.
Greg Van Schaack, senior managing director at Hines, added, “We are ecstatic with this new restaurant concept by Lettuce Entertain You. Our tenants want to provide their employees with an outstanding office environment that delivers a modern workplace while providing a work/life balance lifestyle. The combination of the new restaurant and entertainment space with our building renovations will greatly enhance the environment for our tenants.”
About Hines
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 24 countries. Hines has approximately $111 billion of assets under management, including $60 billion for which Hines provides fiduciary investment management services, and $51 billion for which Hines provides third-party property-level services. The firm has 108 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,295 properties, totaling over 422 million square feet. The firm’s current property and asset management portfolio includes 506 properties, representing over 210 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About Diversified Real Estate Capital, LLC
Diversified Real Estate Capital, LLC is a Chicago-based commercial real estate investment firm owned by Larry Levy, Michael Miller and Jeffrey Cherner. The company invests equity capital in prime real estate opportunities throughout the United States on behalf of ultra-high net worth family offices.
About American Realty Advisors
With more than $8.0 billion in assets under management, American Realty Advisors is a leading provider of commercial real estate investment management services. For over 29 years, ARA has managed capital for institutional investors utilizing core and value-added commingled funds and separate accounts. ARA acquires assets directly or provides equity, preferred equity, mezzanine debt, debt, and hybrid debt to primary investors and developers operating throughout the United States for office, industrial, multi-family, and retail properties. More information regarding ARA can be found at www.aracapital.com.
