Friedman Properties, City of Chicago Move Forward with High-Rise Office Tower in Downtown’s River North District
CHICAGO — Friedman Properties and the City of Chicago have finalized the development agreement of their public-private partnership for Rivere, a 30-story high-rise office building coming to downtown Chicago’s River North district. The 674,000-square-foot tower will be situated at 450 N. Dearborn St., a block south of the intersection of Illinois and Dearborn streets.
Rivere will feature a little more than 50,000 square feet of retail space, as well as high-end amenities including concierge services, meditation space, on-demand meeting space, an upscale fitness and wellness center, secure bike room with shower facilities, onsite valet, below-grade garage parking and a food and beverage program operated by Lettuce Entertain You Enterprises.
The property will also house a new engine house for Engine Co. 42, the District 1 headquarters for the Chicago Fire Department.
Designed by Goettsch Partners, Rivere will feature a glass façade with activated rooftops and sustainable features, including efficient mechanical systems that will help reduce water and energy use. Other design team members include construction management firm Lendlease and engineer DLR Group.
Office managers and staff at Rivere will be able use an app to facilitate parking, concierge services, fitness class appointments, guest passes, thermostat control, restaurant reservations and conference room bookings.
Jack McKinney Jr., Matt Lerner and Mark Gunderson of Cushman & Wakefield will market the office tower on behalf of the public-private partnership. Anthony Campagni, Elan Rasansky and Cooper Annenberg of A.R.C Real Estate Group will market the retail space. No tenants have been announced at this time.
Friedman Properties is a local owner, developer and manager of real estate projects and is credited with spearheading River North’s transformation into a 24/7 neighborhood. The firm has been buying, rehabilitating and re-tenanting historic buildings in the once-blighted district beginning in the 1970s. Frideman Properties owns more than 50 properties in River North.
“We are pleased to lead this innovative partnership with the City of Chicago in River North, while further developing this premier location,” says Albert Friedman, CEO and chairman of Friedman Properties. “This significant city investment and contemporary office building offers tenants the opportunity to situate their offices and employees in the most desirable downtown neighborhood.”
Friedman Properties did not disclose a construction timeline and did not provide financial details for the funding of Rivere, but the Chicago Sun Times reported the targeted opening date is mid-2023.
Crain’s Chicago reported Friedman Properties will pay the City of Chicago for the estimated $20.2 million Engine 42 location that will be relocated to Rivere, as well as pay $5 million for the existing one nearby at 55 W. Illinois St.
— John Nelson