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Investors See Chicago Office as Strong and Stable

CHICAGO—Like many downtown properties, 10 & 120 South Riverside Plaza have attracted a steady stream of new leases.

By Brian J. Rogal | brianjrogal | | Updated on August 19, 2016

 

chi-120SouthRiverside (2) 120 South Riverside, where Ulta Beauty recently decided to open a satellite office.
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.  

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