{"id":1004702899,"date":"2024-02-20T05:28:47","date_gmt":"2024-02-20T13:28:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004702899"},"modified":"2024-02-20T07:30:39","modified_gmt":"2024-02-20T15:30:39","slug":"ivanhoe-hines-welcome-pinterest-at-chicago-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ivanhoe-hines-welcome-pinterest-at-chicago-campus\/","title":{"rendered":"Ivanho\u00e9, Hines Welcome Pinterest at Chicago Campus"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a3a9e2861d82&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1265\" height=\"948\" data-attachment-id=\"1004702901\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ivanhoe-hines-welcome-pinterest-at-chicago-campus\/riveredge-120\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Riveredge-120-e1708424303135.jpg\" data-orig-size=\"1265,948\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Riveredge-120\" data-image-description=\"&lt;p&gt;Rendering of 120 South Riverside Plaza&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Rendering of 120 South Riverside Plaza. Image courtesy of Hines&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Riveredge-120-e1708424303135.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Riveredge-120-e1708424303135.jpg\" alt=\"Rendering of 120 South Riverside Plaza\" class=\"wp-image-1004702901\" style=\"width:350px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Riveredge-120-e1708424303135.jpg 1265w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Riveredge-120-e1708424303135.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Riveredge-120-e1708424303135.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Riveredge-120-e1708424303135.jpg?resize=1024,767 1024w\" sizes=\"auto, (max-width: 1265px) 100vw, 1265px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Rendering of the improved two-building office campus, currently undergoing a $75 million redevelopment strategy.<em> Image courtesy of Hines<\/em><\/figcaption><\/figure><\/div>\n\n\n<p><strong>Ivanho\u00e9 Cambridge<\/strong> and <strong>Hines <\/strong>have signed a lease agreement with <strong>Pinterest<\/strong> at 10 and 120 S. Riverside Plaza, a two-building office complex in Chicago\u2019s West Loop. The company committed to 24,000 square feet at the 1.4 million-square-foot Class A campus.<\/p>\n\n\n\n<p><strong>JLL <\/strong>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 <em>Inteligence360<\/em>.<\/p>\n\n\n\n<p>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 <strong>Attorneys\u2019 Liability Assurance Society<\/strong>, which leased 37,000 square feet, and <strong>Syska Hennessy Group<\/strong>, 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. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-redevelopment-plans-underway\">Redevelopment plans underway<\/h2>\n\n\n\n<p>Ivanho\u00e9 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 <strong>CBRE <\/strong>serves as exclusive leasing broker.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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\u2019s 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.<\/p>\n\n\n\n<p>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\u2019Hare International Airport, 32 miles from Naperville, Ill., and within 40 miles of Aurora, Ill. <\/p>\n\n\n\n<p>JLL\u2019s 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-chicago-s-office-leasing-activity-in-january\">Chicago&#8217;s office leasing activity in January<\/h2>\n\n\n\n<p>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&#8217;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.<\/p>\n\n\n\n<p>Recent leases signed since the beginning of the year include Heitman&#8217;s <a href=\"https:\/\/www.commercialsearch.com\/news\/heitman-lands-100-ksf-lease-extension-at-chicago-tower\/\">100,000-square-foot extension<\/a> at 353 N. Clark St. in Chicago&#8217;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.<\/p>\n\n\n\n<p>AmTrust Realty also secured<a href=\"https:\/\/www.commercialsearch.com\/news\/amtrust-secures-2-renewals-at-chicago-office-building\/\"> two lease renewals <\/a>totaling 20,000 square feet at its office building in Chicago&#8217;s Central Loop. Advocate Commercial Real Estate Advisors negotiated on behalf of the tenants, law firm Heyl, Royster, Voelker &amp; Allen, P.C. and non-profit organization KIPP Foundation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The two-building office complex is undergoing a $75 million redevelopment.<\/p>\n","protected":false},"author":2991,"featured_media":1004702901,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1491,13,21742,21747],"tags":[32789,32797,33565,32796,44813,41147],"class_list":["post-1004702899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-chicago","category-midwest","category-latest","category-office","tag-cbre","tag-hines","tag-ivanhoe-cambridge","tag-jll","tag-pinterest","tag-syska-hennessy-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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