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

TRD CHICAGO /
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.


Related Articles

arrow_forward_ios
Sales of office, apartment, hotel and industrial buildings dropped by 50 percent in 2019.

Investment sales activity cratered in Chicago in 2019

From left: CEO and founder of CA Ventures Thomas Scott, CEOs of WeWork Sebastian Gunningham and Artie Minson, and a rendering of the building

WeWork has troubles, but it also has a new location in River North

Hilton Home2 Suites at 110 W. Huron Street and Akara founder and CEO Rajen Shastri (Credit: Hilton, Akara)

Akara Partners lands $57M refi on newly-built River North hotel

Dr. Kam Patel and 400 W. Huron tower

Can a $10M condo — not in No. 9 Walton — find a buyer?

Ariel Bentata, the founding and managing partner of Accesso and 230 West Monroe Street (Credit: Accesso)

Firm that loves secondary office markets scores $88M refi in Chicago

515 N. State Street and Toast CEO Chris Comparato (Credit: Google Maps)

Restaurant-software company about to ink 50K sf lease in River North

(Credit: iStock)

Chicago is the nation’s hottest medical office market

Luxury Living Chicago Realty CEO Aaron Galvin and downtown Chicago

Top rental broker Aaron Galvin predicts rental shortage by 2022

arrow_forward_ios
Loading...