Timeline
1977
Jan 2012
2012 - 2015
Jun 2015
Year Built
Acquired
Renovation and Rebranding Program
Sold

Located at the confluence of the north, south, and east branches of the Chicago River in the River North submarket of the Chicago CBD, River North Point consists of two adjoining 13-story towers, totaling 1.3 million square feet of office space and a long-term lease to the 521-room Holiday Inn Mart Plaza on floors 14 through 23 of the south tower. The property was originally designed without windows to house the Apparel Mart, which contained over 1,000 showrooms used by apparel designers and wholesalers. As demand for apparel showroom space began declining in the late 1980s, the building was converted and sections of the property were leased to tenants seeking large blocks of low-cost back-office space and then later, front-office use as the River North submarket became increasingly popular in the early 2000s.

Shorenstein purchased the property in January 2012. The property required extensive work to bring it to modern office finishes. Over the 3.5-years of ownership, Shorenstein repositioned the property through an extensive renovation and rebranding program.

Apparel Space | Before
1 of 12  |  Apparel Space  |  Before
Apparel Space | After/Shell Condition
2 of 12  |  Apparel Space  |  After/Shell Condition
Bike Room | Before
3 of 12  |  Bike Room  |  Before
Bike Room | After
4 of 12  |  Bike Room  |  After
Elevator Corridor | Before
5 of 12  |  Elevator Corridor  |  Before
Elevator Corridor | After
6 of 12  |  Elevator Corridor  |  After
Tenant Space | Before
7 of 12  |  Tenant Space  |  Before
Tenant Space | After
8 of 12  |  Tenant Space  |  After
Lobby | Before
9 of 12  |  Lobby  |  Before
Lobby | After
10 of 12  |  Lobby  |  After
Pedway | Before
11 of 12  |  Pedway  |  Before
Pedway | After
12 of 12  |  Pedway  |  After

SCOPE OF WORK

  • Installed 157 new windows
  • Significantly redesigned the main lobby and common areas
  • Demolition and renovation of 453,000 square feet of showroom and back-office finishes
  • Added a 100-stall bike room with locker rooms
  • Upgraded the pedway connecting River North Point and the Merchandise Mart
  • HVAC replacements and other base building work
  • Increased the building’s ability to accommodate denser occupancy through significant upgrades to restrooms
  • Rebranded the property

The completion of significant capital improvements resulted in 94% occupancy, with over 270,000 square feet of new leasing and over 200,000 square feet of renewals. With the capital improvements completed, Shorenstein took advantage of institutional investors’ high demand in the area and sold the property on June 30, 2015.

Major aspects of the lobby and common area project included a distinctive wood feature-wall separating the hotel access lobby from the office portion, and adding furniture and amenities to create a welcoming gathering space for tenants and their guests.
1 of 3  |  Major aspects of the lobby and common area project included a distinctive wood feature-wall separating the hotel access lobby from the office portion, and adding furniture and amenities to create a welcoming gathering space for tenants and their guests.
Major aspects of the lobby and common area project included a distinctive wood feature-wall separating the hotel access lobby from the office portion, and adding furniture and amenities to create a welcoming gathering space for tenants and their guests.
2 of 3  |  Major aspects of the lobby and common area project included a distinctive wood feature-wall separating the hotel access lobby from the office portion, and adding furniture and amenities to create a welcoming gathering space for tenants and their guests.
Major aspects of the lobby and common area project included a distinctive wood feature-wall separating the hotel access lobby from the office portion, and adding furniture and amenities to create a welcoming gathering space for tenants and their guests.
3 of 3  |  Major aspects of the lobby and common area project included a distinctive wood feature-wall separating the hotel access lobby from the office portion, and adding furniture and amenities to create a welcoming gathering space for tenants and their guests.
Demolished tenant spaces, installed 157 new windows, and white boxed the space to improve marketability.
Rebranded the property to River North Point to focus prospective tenants on the property's location in the center of the most dynamic submarket in the greater Chicago metro area.
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Note: Case studies are for illustrative purposes only to highlight Shorenstein’s, SRS’s and their affiliates’ real estate and property management experience. There can be no assurance that future investments will be similar in quality. Case studies also may provide examples of Shorenstein Adviser’s application of its EGS program. Descriptions of any ESG achievements or improved practices or outcomes are not necessarily intended to indicate that Shorenstein has substantially or directly contributed to such achievements, practices or outcomes. See Properties page for a list of additional investments and Terms of Use and Disclosures.