Ivanhoé Cambridge starts construction on largest real estate project of the past five years in Chicago
Ivanhoé Cambridge, one of the 10 largest real estate companies in the world, and co-investor and developer Hines, announced the start of construction of River Point, a development including a 45-story office tower and a 1.5-acre public park in downtown Chicago’s West Loop. The project is being developed with land partner Larry Levy.
River Point was designed by noted architectural firm Pickard Chilton, and is being constructed at 444 West Lake Street on the western bank of the Chicago River near two commuter rail hubs and overlooking the river toward Lake Michigan. Containing approximately 83,600 square metres (900,000 square feet) of leasable space, the tower is pre-certified LEED® Gold. This project will be ready for initial occupancy in 2016.
Dignitaries presiding over the Tuesday afternoon groundbreaking ceremony were: Mayor Rahm Emanuel; Daniel Fournier, Chairman of the Board and Chief Executive Officer of Ivanhoé Cambridge; C. Kevin Shannahan, CEO of Hines’ Midwest and Southeast regions; and Larry Levy, Chairman of The Levy Organization.
According to Mayor Emanuel, "This is a momentous day for the City of Chicago, as this is the first office building to come out of the ground in Chicago in years. River Point is an example of smart growth and job creation for our city, which is leading the nation in economic development, and I am proud that there is enough confidence in the city’s economic landscape for this project to come to fruition.”
“River Point will be an exceptional property, built to the highest standards of sustainability and offering tenants world-class office space,” explained Daniel Fournier.
“River Point will be a striking addition to Chicago’s skyline and the first in a new generation of office buildings. There is significant interest from major corporate tenants,” commented C. Kevin Shannahan.
ABOUT IVANHOÉ CAMBRIDGE
Ivanhoé Cambridge is one of the world's 10 largest real estate companies. As at December 31, 2011, its assets totaled more than Cdn$30 billion and could be found in over 20 countries around the world. Headquartered in Montréal, Québec, Canada, the company owns more than 30 office buildings in the United States. Ivanhoé Cambridge is the real estate subsidiary of the Caisse de dépôt et placement du Québec (www.cdpq.com), one of Canada's leading institutional fund managers. For further information, please visit www.ivanhoecambridge.com.
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