CHICAGO—One of the nation's largest providers of senior housing has just entered into a lease at AMA Plaza, the iconic tower adjacent to the Chicago River and formerly known as the IBM Building, bringing its lease rate up to 92%. An affiliate of Assisted Living Concepts, LLC, which has more than 200 assisted living residences, will establish its corporate headquarters in 25,265-square-feet of space on the 37th floor at 330 N. Wabash Ave., according to Riverview Realty Partners and Studley, Inc.
“Attracting ALC as a new tenant in the building serves to further validate the quality of our redevelopment effort,” says Steven R. Baron, RRP's executive vice president of leasing. “The completion of this transaction continues our success in leasing the building toward full occupancy.”
Earlier this year, the engineering firm Thornton Tomasetti amended their lease at the 52-story building and expanded from 25,045-square-feet to 31,481-square-feet. Other leases recently signed include deals with the American Medical Association, Latham & Watkins LLP, SmithBucklin Corporation, BDO USA, LLP, Patton & Ryan, L.L.C. and Burke, Warren, MacKay, and Serritella, P.C. And in July, the new Langham Chicago Hotel, owned and operated by The Langham Hospitality Group, opened on floors 2-13.
Subsidiaries of RRP, a Chicago-based firm, and Five Mile Capital Partners LLC, a Connecticut-based firm, own AMA Plaza. Completed in 1971, it was designed by Mies van der Rohe and has about 1.14-million-square feet of rentable office space. The City of Chicago gave it landmark status in 2008. RRP manages the property and handles leasing.
Baron represented RRP in this transaction and ALC was represented by Robert Sevim and Joseph Learner, of Studley.
The owners renovated the structure, and included new fire and life safety systems, new restrooms, elevator and cab modernizations, updated the HVAC systems, and asbestos abatement. Tenants also enjoy a recently completed 5,000-square-foot fitness center, a food service cafe and a conference center.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
