chi-120SouthRiverside (2) CHICAGO— The Montreal-based Ivanhoé Cambridge is part of a lengthening line of foreign investors that see top Chicago office properties as solid, long-term investments. And it's easy to see why. Ivanhoé Cambridge and its partner Callahan Capital Properties recently completed seven lease transactions totaling about 150,000 square feet at their 10 & 120 South Riverside Plaza, a two-building, 1.4 million-square-foot office complex just west of the river in downtown Chicago. This activity, which includes 93,600 square feet of new leases and 55,200 square feet of expansions and relocations, brings the class A complex to over 95% leased. “We acquired the property with a view to increase its occupancy,” Jonathan Pearce , senior vice president of office leasing for Ivanhoé Cambridge, tells GlobeSt.com. “While we never speculate on our investment activities, 10 & 120 is a strong and stable element in our national US office platform with Callahan Capital Properties.” “These new and expanding tenants are further confirmation that 10 & 120 South Riverside Plaza's strategic location, overlooking downtown Chicago, its panoramic views and superior amenities continue to attract world-class companies,” he adds. As reported in GlobeSt.com, early in the year Ivanhoé Cambridge and CCP also completed their $198 million acquisition of 180 N. LaSalle St. in downtown Chicago. Since acquiring the Riverside complex, Ivanhoé Cambridge and CCP have implemented a significant capital investment plan. The two towers offer a number of amenities including a state-of-the-art fitness center, tenant lounge and two advanced conference facilities. One of the most significant deals was Bolingbrook, IL-based Ulta Beauty's decision to occupy 36,520 square feet at 120 South Riverside Plaza. The beauty products retailer will keep its suburban headquarters but wanted a downtown location that offers employees additional flexibility and access to Chicago's public transportation and business community. The second largest new lease at the complex is Aetna's 34,811-square-foot expansion at 10 South Riverside Plaza, for its subsidiary 'bswift' , a company that uses technology to simplify the administration of health care and reduce costs. Other new deals signed at 10 South Riverside Plaza include Pure Insurance's 12,517-square-foot lease and a 5,832-square-foot commitment by the Strategic Leasing Law Group . At 120 South Riverside Plaza, Media Ocean signed a new 25,909-square-foot lease; Trade Station signed a new 13,659-square-foot lease; and American Dietetic Association signed a 20,361-square-foot lease to relocate within the building. Sara Spicklemire and Ellen Zalatoris of CBRE currently lead the leasing efforts at the complex. chi-120SouthRiverside (2) CHICAGO— The Montreal-based Ivanhoé Cambridge is part of a lengthening line of foreign investors that see top Chicago office properties as solid, long-term investments. And it's easy to see why. Ivanhoé Cambridge and its partner Callahan Capital Properties recently completed seven lease transactions totaling about 150,000 square feet at their 10 & 120 South Riverside Plaza, a two-building, 1.4 million-square-foot office complex just west of the river in downtown Chicago. This activity, which includes 93,600 square feet of new leases and 55,200 square feet of expansions and relocations, brings the class A complex to over 95% leased. “We acquired the property with a view to increase its occupancy,” Jonathan Pearce , senior vice president of office leasing for Ivanhoé Cambridge, tells GlobeSt.com. “While we never speculate on our investment activities, 10 & 120 is a strong and stable element in our national US office platform with Callahan Capital Properties.” “These new and expanding tenants are further confirmation that 10 & 120 South Riverside Plaza's strategic location, overlooking downtown Chicago, its panoramic views and superior amenities continue to attract world-class companies,” he adds. As reported in GlobeSt.com, early in the year Ivanhoé Cambridge and CCP also completed their $198 million acquisition of 180 N. LaSalle St. in downtown Chicago. Since acquiring the Riverside complex, Ivanhoé Cambridge and CCP have implemented a significant capital investment plan. The two towers offer a number of amenities including a state-of-the-art fitness center, tenant lounge and two advanced conference facilities. One of the most significant deals was Bolingbrook, IL-based Ulta Beauty's decision to occupy 36,520 square feet at 120 South Riverside Plaza. The beauty products retailer will keep its suburban headquarters but wanted a downtown location that offers employees additional flexibility and access to Chicago's public transportation and business community. The second largest new lease at the complex is Aetna's 34,811-square-foot expansion at 10 South Riverside Plaza, for its subsidiary 'bswift' , a company that uses technology to simplify the administration of health care and reduce costs. Other new deals signed at 10 South Riverside Plaza include Pure Insurance's 12,517-square-foot lease and a 5,832-square-foot commitment by the Strategic Leasing Law Group . At 120 South Riverside Plaza, Media Ocean signed a new 25,909-square-foot lease; Trade Station signed a new 13,659-square-foot lease; and American Dietetic Association signed a 20,361-square-foot lease to relocate within the building. Sara Spicklemire and Ellen Zalatoris of CBRE currently lead the leasing efforts at the complex.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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.

brianjrogal

Just another ALM site