CHICAGO– HFF announced today that it has closed the $361 million sale of 10 and 120 South Riverside Plaza, a two-building, 21-story Class A office property totaling more than 1.4 million square feet in Chicago’s West Loop.
HFF marketed the property on behalf of the seller, TIER REIT, Inc. An affiliate of Ivanhoe Cambridge advised by Callahan Capital Properties purchased the asset for $361 million.
10 and 120 South Riverside is 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 HFF team representing the seller was led by senior managing directors Jaime Fink and Jeff Bramson and managing director Mark Katz.
TIER REIT, Inc. is a Dallas, Texas-based real estate investment trust focused on providing quality, attractive, well-managed commercial office properties in dynamic markets throughout the United States, including Houston, Austin and Dallas/Ft. Worth, Texas; Chicago, Illinois; Philadelphia, Pennsylvania; Washington, D.C.; Charlotte, North Carolina and select other markets. For more information on TIER REIT, please visit www.tierreit.comor call 979.931.4300.
Ivanhoé Cambridge is a world-class real estate company that leverages its high-level expertise in all aspects of real estate including investment, development, asset management, leasing and operations, to deliver an optimal return for its investors. Through its multiple subsidiaries, its assets in more than 20 countries are valued at more than Cdn$35 billion as at December 31, 2012. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec, one of Canada's leading institutional fund managers. www.ivanhoecambridge.com.
Callahan Capital Properties (“CCP”) is a real estate investment firm focused on acquiring high quality office properties throughout the United States and leveraging substantial experience and expertise in asset management to enhance value. In December 2012, Ivanhoe Cambridge - selected CCP to join forces in the development of its U.S. office real estate platform and the management of its expanding office portfolio in major gateway markets. Since joining forces Ivanhoé Cambridge and CCP have acquired over 5.0 million square feet of Class A office properties in New York, Chicago and Seattle. . www.callahancp.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.