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FRIEDMAN PROPERTIES

Company Overview & History

Celebrating its 40th anniversary, Friedman Properties, Ltd., is one of Chicago’s pre-eminent development, preservation, management and full service real estate firms. Friedman Properties was founded in 1970 by Albert M. Friedman with the acquisition, rehabilitation and conversion of 19th century buildings in the virtually abandoned River North neighborhood. Since then, the company has endeavored to preserve, restore, rebuild and build anew, reinvigorating the one-time vacant area into one of Chicago’s most vibrant dining, retail, office, entertainment, arts and residential neighborhoods. Today, Friedman Properties owns and manages 50 properties, with more than 4 million square feet of space.

On the north bank of the Chicago River between Clark and LaSalle Streets is the Reid Murdoch Center, an easily recognizable Chicago landmark representative of the early industrial era and the gateway to the city’s vibrant River North neighborhood. Today the Reid Murdoch Center houses 300,000 square feet of office space with World of Whirpool and Encyclopedia Britannica as the anchor office tenants and retail and restaurants including Fulton’s on the River, Golden Triangle and The Rug Company. The Reid Murdoch Center is listed on the National Register of Historic Places, both for its architecture and its riverfront location.

Located in the heart of River North, blocks from Michigan Avenue, are Medinah Temple and Tree Studios, both internationally recognized cultural and historical treasures. Medinah Temple, built in 1912 by Shriners architects, originally housed an ornate auditorium. Tree Studios was constructed as an artist colony in 1894, and housed many famous artists and actors. In 2001, confronting decades of neglect and intense economic pressures to raze the unique buildings, Friedman Properties led a joint public-private effort to save these Chicago icons, restore their historic grandeur and reopen them for future generations of artists and visitors. Currently, Medinah Temple and Tree Studios house Bloomingdale’s Home Store, Michael Anthony Salon Spa, Haberdash, Duxiana, Alessi, Grahamwich, Pops for Champagne, POSH, and Bang & Olufsen.

Located in the Loop, Goodman Theater Center is home to the Tony award-winning Goodman Theatre Company, Petterino’s restaurant and a Corner Bakery. It also houses the Theatre District Business Center, a high-tech, shared-office facility with private suites conveniently located near Chicago’s major government offices and a variety of downtown destinations.

In addition to many of Chicago’s most recognizable architectural treasures, Friedman Properties’ recent developments include:

Greenway Self Park

The 285,000 square-foot parking structure at 60 W. Kinzie St. is designed for maximum energy efficiency and minimal waste. The structure, developed as a joint venture by Friedman Properties, Ltd., and Standard Parking, features several green elements. Among the most notable are 12 paired vertical-axis wind turbines stacked along the southwest corner of Kinzie and Clark Streets. This innovation was designed to provide enough electricity for all of the building’s exterior lighting and contribute excess power directly to the grid. The garage fulfills a significant need for new parking in the River North market and adds more than 15,000 square feet of retail space on the structure’s ground level.

Marriott Springhill Suites and Residence Inn

The new Marriott Springhill Suites and Residence Inn, situated at the corners of Kinzie and Dearborn Streets, is a joint venture between Friedman Properties and White Lodging. Opened in 2008, the two-flag hotel totals more than 353,000 square feet, with 27 floors and 523 rooms. The hotel features, among other things, a business service center, valet services, guest laundry facilities, swimming pool, whirlpool spa, health center, meeting rooms and a well-appointed front desk and lobby area, as well as Market Express, a 24-hour food and snack shop, an Einstein’s Bagels shop, and Hub 51, a Lettuce Entertain You restaurant.

Mastro’s Steakhouse

The swanky and sleek steakhouse opened its doors its new River North location at 520 N. Dearborn in October 2010. Already a hot celebrity spot in Scottsdale, Beverly Hills and Las Vegas, Mastro’s has received rave reviews for the quality of their food and service, but more importantly for the atmosphere it creates. The menu features steak and seafood options and offers a generous wine list. They often host live entertainment that cultivates an elegant yet energetic atmosphere.

Exciting developments and new tenants of Friedman Properties include:

Trader Joe’s: specialty grocery store opening soon in the South Loop

Paris Club: Lettuce Entertain You’s casual and funky new French restaurant and bar

Sunda: Rockit Ranch Productions’newest award-winning Asian restaurant

XOCO: Rick Bayless’ new quick-service café featuring Mexican street food

Grahamwich: Graham Elliott’s newest sandwich shop

World of Whirlpool: new 30,000 square-foot research and new product development center housed in the penthouse of the Reid Murdoch Center

James Hotel: modern boutique hotel with a David Burke Primehouse

Marriott Courtyard: co-developed hotel with White Lodging located in Streeterville, just off the Magnificent Mile

Relationship with Kutchins, Robbins & Diamond

“KRD prepares more than 50 Federal and State tax returns for the various business entities of Friedman Properties, as well as preparing the individual tax returns for the family members of the principals. KRD’s Bruce Robbins is also actively involved in tax planning on a continuous basis, and his advice is routinely sought on a wide variety of accounting and business matters,” said Bob Lopatin, Chief Operating Office of Friedman Properties, Ltd.

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