CHICAGO – Riverview Realty Partners and Studley announced today that an affiliate of Assisted Living Concepts, LLC (ALC), a leading provider of senior housing with more than 200 assisted living residences across the United States, has entered into a lease at 330 North Wabash in downtown Chicago with an affiliate of Riverview. The lease provides for ALC to lease 25,265 rentable square feet of space on the 37th floor of 330 North Wabash to house its corporate headquarters beginning in December of 2013.
“We are very pleased to announce that Assisted Living Concepts has chosen 330 North Wabash as its new corporate headquarters. Attracting ALC as a new tenant in the building serves to further validate the quality of our redevelopment effort,” said Steven R. Baron, Riverview Realty Partners’ Executive Vice President of Leasing. “The completion of this transaction continues our success in leasing the building toward full occupancy, in light of the previously announced deals with tenants such as American Medical Association, Latham & Watkins LLP, SmithBucklin Corporation, BDO USA, LLP, Patton & Ryan, L.L.C. and Burke, Warren, MacKay, and Serritella, P.C. leases, among others.” Mr. Baron said.
With the completion of this lease with ALC, the office space at 330 North Wabash Avenue is approximately 92% leased.
330 North Wabash Avenue is owned by a joint venture between subsidiaries of Riverview Realty Partners, a real estate company headquartered in Chicago, and Five Mile Capital Partners LLC, a Connecticut-based commercial real estate and alternative investment firm, which also owns Riverview. 330 North Wabash contains approximately 1.14 million rentable square feet of office space and wasdesigned by famed architect Mies van der Rohe and completed in 1971. It was designated with landmark status by the City of Chicago in 2008. Riverview is the property manager and leasing agent for the property.
ALC was represented in this transaction by Robert Sevim and Joseph Learner, of Studley, Inc. Riverview Realty Partners was represented by its Executive Vice President of Leasing, Steven R. Baron.
The building has undergone a renovation that includes a new state of the art fire and life safety system, new restrooms, elevator and cab modernizations, updating the building’s HVAC system, and asbestos abatement. Also recently completed for the benefit of all of the building’s tenants is a new 5,000 square foot state of the art fitness center, a food service cafe and a conference center.
According to Sevim, “ALC sought a real estate solution that provides the ultimate confluence of benefits – an abundance of building and neighborhood amenities, a convenient location for city and suburban commuters and a building that offers operational advantages to allow ALC to design an efficient and collaborative workplace for its employees.”
In addition, the new five-star Langham Chicago Hotel, owned and operated by The Langham Hospitality Group, is located on floors 2-13 of 330 North Wabash and opened in July. The hotel features approximately 316 rooms and suites and includes a full service restaurant (including private dining facilities), elegant and sophisticated meeting and conference facilities, as well as a fitness facility and the hotel's award-winning wellness retreat, Chuan Spa.
About Assisted Living Concepts, LLC (ALC)
ALC and its subsidiaries operate more than 200 assisted living residences comprising more than 9,000 resident units in 19 states.ALC's assisted living residences typically consist of 40 to 60 units and offer a supportive, home-like setting where a premium is placed on quality of care and the relationships between residents, their loved ones and our staff. ALC employs more than 4,500 people.
About Riverview Realty Partners
Riverview Realty Partners is a self-administered and self-managed real estate investment company which owns, manages, leases, develops and redevelops office and industrial real estate. The Company currently owns 1 office property containing 167,756 net rentable square feet and a joint venture interest in a building comprised of approximately 1.14 million net rentable square feet. The Company leases and manages its properties. For more information about Riverview Realty Partners, contact the Company's Chicago headquarters at (312) 917-1300 or visit its website at www.rrpchicago.com.
About Five Mile Capital Partners
Five Mile Capital Partners LLC is an alternative investment and asset management company established in 2003. The firm specializes in investment opportunities in real estate, debt products, structured finance, asset-based lending and financial services private equity. Five Mile’s Principals have significant experience, knowledge and skills relevant to the financial services industry and believe the cyclical and dynamic nature of the sector continually provides a broad opportunity for investments across the capital structure. The Firm’s headquarters are based in Stamford, Connecticut with an office in New York City. Five Mile has approximately $2 billion in assets under management. For more information, visit www.fivemilecapital.com.
Studley is the leading global commercial real estate services firm specializing in tenant representation. Founded in 1954, Studley pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, with over 60 offices worldwide, Studley provides strategic real estate solutions to top-tier corporations, not-for-profit organizations and law firms. For more information, please visit www.studley.com.
This press release contains certain forward-looking statements which involve known or unknown risks, uncertainties or other factors not under the Company’s control which may cause the actual results, performance or achievement of the Company to be materially different from the results, performance or other expectations implied by these forward-looking statements.
Riverview Realty Partners
Steven R. Baron