Ivanhoé Cambridge has acquired 10 and 120 South Riverside Plaza, twin office buildings in the West Loop submarket of Chicago’s business district. The investment of more than $360 million in 100 percent ownership of the property adds a further 1.4 million square feet of office space to the company’s portfolio.
“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,” said 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.”
The 10 and 120 South Riverside Plaza towers have both received the LEED Gold EB certification and are located on the west bank of the Chicago River, steps away from the two busiest commuter rail hubs in the city’s business district, and with both public transit and highways rapidly accessible. The 21-storey twin buildings occupy two full city blocks.
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 this major U.S. metropolis.
