Raymond James to Relocate Chicago Offices

The 10 & 120 South Riverside Plaza campus is currently renovated, with anticipated completion next summer. Image courtesy of CommercialEdge

Financial services firm Raymond James has signed a leasing agreement with Ivanhoé Cambridge to occupy nearly two full floors at 120 S. Riverside Plaza in downtown Chicago. The agreement was for 74,000 square feet, as reported by the Chicago Business Journal, bringing the property to 72 percent occupancy.

Cushman & Wakefield represented the tenant, while CBRE worked on behalf of the landlord. Hines is the building’s asset and property manager.

Raymond James will relocate its regional offices from 550 W. Washington Blvd. and 222 S. Riverside Plaza. The tenant is slated to start operations at the new location in April 2024.

The building is part of the 10 & 120 South Riverside Plaza, an office campus totaling 1.4 million square feet. The 705,000-square-foot property rises 21 stories and has 37,000-square-foot floorplates, according to CommercialEdge data. Amenities include bicycle storage, a fitness center, conference rooms and on-site restaurants. Other tenants include Pinterest, McGraw Hill, TradeStation and PMCF, the same source shows.

The campus is currently undergoing a capital improvement plan, with planned completion next summer. Upgrades will comprise larger lobbies, a tenant lounge, a pickleball court, additionally to landscaped public plazas.

In the heart of Chicago

The office campus is in Chicago’s West Loop submarket, within walking distance of Ogilvie Transportation Center train station. The location is also near many of the city’s landmarks, including the Willis Tower and the Art Institute of Chicago.

Cushman & Wakefield Vice Chairman Steve Schneider and Vice Chair Todd Brandon, along with Senior Associates Chip Evans and Presley Norby, represented Raymond James. CBRE Senior Vice President Kelsey Scheive and Senior Associate Kelsey Morgan facilitated the deal representing the landlord.

In April, Hines, Ivanhoé Cambridge and McCaffrey topped off a 235,000-square-foot, mass timber office building in Denver. The partners plan to deliver one of the most sustainable buildings in the metro.