CHICAGO--(BUSINESS WIRE)--Riverview Realty Partners (the “Company” or “Riverview”), formerly known as Prime Group Realty Trust, announced today that the engineering firm of Thornton Tomasetti, Inc. (“Thornton Tomasetti”), entered into an amendment to its existing lease at 330 North Wabash in Chicago Illinois with an affiliate of Riverview. The lease amendment provides for the expansion of Thornton Tomasetti’s existing premises on the 15th floor of 330 North Wabash, consisting of 25,045 rentable square feet (“rsf”) of office space, so that its new premises will be the entire 15th floor consisting of 31,481 rsf of office space. The term of the lease is also extended for an additional five (5) years through December 31, 2023.
“We are very pleased to announce that Thornton Tomasetti has decided to expand the size of its premises and extend its lease term at its Chicago offices in 330,” said Steven R. Baron, Riverview Realty Partners’ Executive Vice President of Leasing. “The completion of this transaction continues our success in leasing the building toward full occupancy in light of the previously announced deals with tenants such as American Medical Association, Latham & Watkins, SmithBucklin Corporation, BDO USA, LLP, Patton & Ryan, L.L.C. and Burke, Warren, MacKay, and Serritella, P.C. leases,” Mr. Baron said.
With the completion of this lease amendment with Thornton Tomasetti, 330 North Wabash Avenue is approximately 89.2% leased.
330 North Wabash Avenue is owned by a joint venture between subsidiaries of Riverview Realty Partners, a real estate company headquartered in Chicago, and Five Mile Capital Partners LLC, a Connecticut-based commercial real estate and alternative investment firm, which also owns Riverview. 330 North Wabash was designed by famed architect Mies van der Rohe and completed in 1971. It was designated with landmark status by the City of Chicago in 2008. Riverview is the property manager and leasing agent for the property.
Thornton Tomasetti was represented in this transaction by Stephen Eynon, Senior Vice President, and Bradley Serot, Senior Vice President, of CBRE, Inc. Riverview Realty Partners was represented by its Executive Vice President of Leasing, Steven R. Baron.
The building has undergone and is currently undergoing a renovation that includes a new state of the art fire and life safety system, new restrooms, elevator cab modernization, updating the building’s HVAC system, and asbestos abatement. Also recently completed for the benefit of all of the building’s tenants is a new 5,000 square foot state of the art fitness center, a food service cafe and a conference center.
In addition to the foregoing, a new five-star Langham Chicago Hotel on floors 2-13 of 330 North Wabash is scheduled to be open in the second quarter of 2013. The hotel will feature approximately 316 rooms and suites and will include a full service restaurant (including private dining facilities), elegant and sophisticated meeting and conference facilities, as well as a fitness facility and the hotel's award-winning wellness retreat, Chuan Spa.
About Thornton Tomasetti, Inc.
Thornton Tomasetti provides engineering design, investigation and analysis services to clients worldwide on projects of every size and level of complexity. The Company addresses the full life cycle of structures through six integrated practices in Building Structure, Building Skin, Building Performance, Construction Support Services, Property Loss Consulting and Building Sustainability. Founded in 1956, Thornton Tomasetti is a 700-person organization of engineers, architects and other professionals collaborating from offices across the United States and in Asia-Pacific, Europe, Latin America and the Middle East.
About Riverview Realty Partners
Riverview Realty Partners (formerly known as Prime Group Realty Trust) is a self-administered and self-managed real estate investment company which owns, manages, leases, develops and redevelops office and industrial real estate in metropolitan Chicago. The Company currently owns 1 office property containing 167,756 net rentable square feet and a joint venture interest in a building comprised of approximately 1.14 million net rentable square feet. The Company leases and manages approximately 1.31 million square feet comprised of its wholly-owned property and its 330 North Wabash Avenue joint venture property. For more information about Riverview Realty Partners, contact the Company's Chicago headquarters at (312) 917-1300 or visit its website at www.pgrt.com.
About Five Mile Capital Partners
Five Mile Capital Partners LLC is an alternative investment and asset management company established in 2003. The firm specializes in investment opportunities in real estate, debt products, structured finance, asset-based lending and financial services private equity. Five Mile’s Principals have significant experience, knowledge and skills relevant to the financial services industry and believe the cyclical and dynamic nature of the sector continually provides a broad opportunity for investments across the capital structure. The Firm’s headquarters are based in Stamford, Connecticut with an office in New York City. Five Mile has approximately $2 billion in assets under management. For more information, visit www.fivemilecapital.com.
This press release contains certain forward-looking statements which involve known or unknown risks, uncertainties or other factors not under the Company’s control which may cause the actual results, performance or achievement of the Company to be materially different from the results, performance or other expectations implied by these forward-looking statements.
