A pair of high-rises in Chicago’s West Loop have been sold for $361-million. 10 and 120 South Riverside Plaza, a two-building, 21-story Class A office property totaling more than 1.4 million square feet was purchased by an affiliate of Ivanhoe Cambridge advised by Callahan Capital Properties.“Chicago is one of the key U.S. cities we’ve set our sights on in order to build a solid national high-quality office building platform,” explained Adam Adamakakis, Executive Vice President, U.S. Investments, Ivanhoé Cambridge. “This successful transaction proves one more time how effective our partnership with Callahan Capital Properties can be in one of the most competitive real estate markets in the United States.”
HFF marketed the property on behalf of the seller, TIER REIT, Inc.
10 and 120 South Riverside are located on the western bank of the Chicago River’s South Branch directly between Union Station and the Ogilvie Transportation Center. Designed by Skidmore, Owings and Merrill and completed in 1966 by Tishman Midwest, the buildings underwent renovation in 1999 and are 89 percent leased to tenants such as CDW, Zurich American Insurance Company, Arnstein & Lehr and Plante Moran. The towers have both received the LEED Gold EB certification.
This new strategic investment in Chicago comes some 18 months after Ivanhoé Cambridge announced the start of construction on the River Point Tower, also in the West Loop, which is the largest property development project of the past five years in Chicago.
The HFF team representing the seller was led by senior managing directors Jaime Fink and Jeff Bramson and managing director Mark Katz.