A tower will rise: Friedman Properties gets final nod for 30-story River North office complex

The developer has hired Cushman & Wakefield to handle leasing for the planned 670K-sf development

Jan.January 28, 2020 04:13 PM
A rendering of Rivere and Al Friedman

A rendering of Rivere and Friedman Properties’ Albert Friedman

Nearly three years ago, Friedman Properties revealed plans to build a 600,000-square-foot office tower in River North on the site of a Chicago firehouse.

As part of a partnership with the city, Friedman agreed to pay $5 million for the property, and contribute $10 million to a fund to support commercial development in underserved neighborhoods and another $20 million for the construction of a new firehouse nearby.

In the years that followed, the Rivere project at 450 North Dearborn Street went through a redesign, but work never started.

On Monday, the developer said it had received final approvals to commence the 30-story building, and has hired Cushman & Wakefield to handle leasing.

The now 674,000-square-foot complex would include 50,000 square feet for retail and restaurant space, including a Lettuce Entertain You restaurant. Amenities include a meditation space and a fitness and wellness center.

Construction is expected to start later this year and wrap up in mid-2023. Goettsch Partners will design the office tower.

Friedman — whose chairman and CEO is Albert Friedman — owns, leases and manages more than 50 buildings totaling over 5 million square feet. The properties include office, retail, residential, parking and event and hospitality space, the company said.

In June, Friedman Properties paid about $25 million for the Medinah Temple at 600 North Wabash Avenue a few blocks from the office tower site. The 140,000-square-foot temple had been owned by Macy’s and operated as a Bloomingdale’s furniture store.

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