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Hines/Levy Sign Firm for $400M Office Tower

CHICAGO-A joint venture between Hines and Larry Levy is planning a 1.1-million-sf office tower with a boutique hotel, which will be developed separately.

By Gina Kenny | Updated on August 13, 2007

CHICAGO-A joint venture between Hines, headquartered in Houston, and Chicago food service entrepreneur Larry Levy is planning a $400-million office tower development along the Chicago River at Lake and Canal streets. The 1.1-million-sf office tower at 200 N. Riverside Plaza will be anchored by William Blair & Co., an investment firm currently at 222 W. Adams St. The River Pointe development will be 50 stories and will be constructed on a 2.5-acre site with plans for a boutique hotel to adjoin the tower, says Greg Van Schaack, senior vice president at Hines regional office here.

William Blair, which has been located at 222 W. Adams St. since 1994, has signed a letter of intent to lease 325,000 sf of the 1.1-million-sf structure. The firm will occupy three low-rise floors and 10 high-rise floors. Van Schaack could not disclose the term for the lease, except to say it is a “long-term” lease since a contract has not been signed with the firm yet. Sources say the asking lease rate is about $50 per sf gross. Staubach Co. represented William Blair in the letter of intent negotiations. The building will also have approximately 15,000 sf of retail that will be “amenity retail” serving the office tenants, he says.

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