Just six months after acquiring the 1970s-style Class B property at 222 South Riverside Plaza in 2014, ownership kicked off a transformational renovation with the close involvement of JLL’s agency leasing, project management and property management teams. The project has already experienced tremendous success and is poised to add value to ownership’s investment long after its 2017 completion.
Click below for our Project Profile on 222 South Riverside Plaza. The West Loop tower’s $50 million renovation was featured in the Chicago Tribune and continues to make a major impact on tenant renewals and rental rates.
In a strategic re-use of formerly obsolete space, the team chose the back of the lobby for the new tenant lounge, as the former ground-level retail was not a desirable location for a tenant. The multi-disciplinary JLL team played an integral role in shaping plans and facilitating efficient, clear communication around the specs and schedule of construction.
Building upgrades abound. Exterior improvements include a fresh coat of paint, new signage and a park-like outdoor plaza completed concurrently with the City’s work on Adams Street, a calculated move to minimize construction time. Inside, the lobby features upgraded elevators with destination dispatch systems, new turnstiles and a security desk, and multi-tenant floors boast improved common corridors and restrooms. The pièce de résistance: a 5,000-square-foot tenant lounge.
222’s redevelopment elevates building common areas to Class A, helping it stand out in the West Loop and better capitalize on its location above Union Station and one block from Ogilvie Transportation Center. The project also complements the City’s updates to Adams and Canal streets to create a more commuter-friendly area.
Positive reception both inside the building and within the brokerage community can be attributed to the team’s creative repositioning campaign, which included renderings, marketing deliverables, events and roadshows. The primary impact has been seen in rental rates and renewals, as new and existing tenants recognize ownership and JLL’s commitment to enhancing and adding value to 222 South Riverside.
Download a printable project profile here