Oaktree Capital-GlenStar Land $256M Refi Deal for Chicago Board of Trade Building
The deal, arranged by JLL Capital Markets, was done on behalf of a partnership between funds managed by Los Angeles-based Oaktree Capital Management, L.P. and GlenStar Properties of Chicago, to secure debt financing through a domestic financial institution.
CHICAGO—A partnership of Oaktree Capital and GlenStar Properties has secured a $256-million refinancing loan for its 141 W. Jackson office tower here also known as the Chicago Board of Trade building.
The deal, arranged by JLL Capital Markets, was done on behalf of a partnership between funds managed by Los Angeles-based Oaktree Capital Management, L.P. and GlenStar Properties of Chicago, to secure debt financing through a domestic financial institution. Ownership has successfully instituted a spec suite program and plans to allocate a portion of the loan proceeds toward future leasing, according to JLL.
The office tower consists of the 44-story North Building and the 22-story South Building and is located at the footsteps of Chicago’s LaSalle Street corridor. JLL managing director Christopher Carroll and director Lucas Borges represented the borrower.
The building ownership has institutionally maintained and updated 141 W. Jackson. Among the property’s amenities include a 24/7 fitness center, video conference center, rooftop deck and game room, Ceres Café Bar and Patio, Cellars Market and a tenant lobby with concierge services.
“Oaktree and GlenStar have done a tremendous job transforming this architectural masterpiece into a competitive, modern landmark,” JLL’s Borges says. “Positioned in the path of growth, CBOT is poised to capitalize on increased tenant demand as mega-developments redefine the surrounding area.”
The property is LEED Silver certified and designated a BOMA 360 Performance Building. It has a Platinum Wired Certification, and TOBY named it the 2019 Outstanding Building of the Year for Historical Buildings.
The office tower’s tenant roster features companies in the technology, financial services, retail/banking, healthcare, legal and real estate industries, among others.