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Ivanhoé Cambridge and Hines have signed a lease agreement with Pinterest at 10 and 120 S. Riverside Plaza, a two-building office complex in Chicago’s West Loop. The company committed to 24,000 square feet at the 1.4 million-square-foot Class A campus.
JLL negotiated the deal on behalf of Pinterest. The tenant plans to invest $750,000 in building out the new space at 120 S. Riverside. The move is scheduled for March 2024, according to Inteligence360.
The Pinterest lease is one of the three new deals, totaling 75,000 square feet, that were signed at the property in recent months. The other two tenants were Attorneys’ Liability Assurance Society, which leased 37,000 square feet, and Syska Hennessy Group, which committed to 14,000 square feet. The office campus has seen approximately 156,000 square feet of new leases and renewals over the last 12 months.
Redevelopment plans underway
Ivanhoé Cambridge has owned the office campus since 2013, when it purchased the property for $361 million from TIER REIT Inc., according to CommercialEdge information. Hines manages the property, while CBRE serves as exclusive leasing broker.
The 22-story building at 10 S. Riverside Plaza came online in 1965 and underwent renovations in 1999 and 2015, CommercialEdge data shows. The 705,406-square-foot mid-rise features 32,071-square-foot floorplates, 30,277 square feet of first floor retail space, 12 passenger elevators and a fitness center. Current tenants at the LEED Gold-certified property include Vestor Capital, National Equity Fund, Regus and Adage Technologies, among others.
120 S. Riverside Plaza encompasses 705,574 square feet of space across 21 floors and includes floorplates between 32,071 square feet and 37,549 square feet, 39,905 square feet of first floor retail space and access to its twin building. The tenant roster features DialogTech, Goldberg Law Group, PMCF Investment Banking and Mediaocean, among others, the same source reveals.
The two-building office complex is currently undergoing a $75 million redevelopment plan, expected to be completed in the last quarter of 2024. The redevelopment consists of the lobby’s expansion, the addition of monument signage, an upgraded plaza with open ample seating, an indoor and outdoor lounge, a conference center with the capacity to accommodate 200 guests, an upgraded fitness center, adjacent pickleball court and river-facing balconies.
The two-building property is across Chicago River, close to multiple bus, subway and train stations, while being 10 miles from Chicago Midway International Airport, 17 miles from O’Hare International Airport, 32 miles from Naperville, Ill., and within 40 miles of Aurora, Ill.
JLL’s Executive Managing Directors Travis James and Hugh Scott, together with Executive Vice President Scott Becker, Managing Director Rob Schmidt and Associate Eddie Viliunas represented Pinterest in the transaction.
Chicago’s office leasing activity in January
Office markets in the Midwest region continue to post some of the most affordable asking rental rates in the U.S., a recent CommercialEdge report shows. Chicago’s average asking rent of $27.35 per square foot ranked as the sixth-lowest in the country, while being the most expensive in the Midwest.
Recent leases signed since the beginning of the year include Heitman’s 100,000-square-foot extension at 353 N. Clark St. in Chicago’s River North area. Financial services company Mesirow will continue to use more than 100,000 square feet at the 1.2 million-square-foot office tower.
AmTrust Realty also secured two lease renewals totaling 20,000 square feet at its office building in Chicago’s Central Loop. Advocate Commercial Real Estate Advisors negotiated on behalf of the tenants, law firm Heyl, Royster, Voelker & Allen, P.C. and non-profit organization KIPP Foundation.
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