CHICAGO, IL – JLL Capital Markets has arranged a $153 million refinancing for the recently repositioned, 550,000-square-foot office tower, 123 North Wacker, in Chicago's central business district.
JLL secured the five-year, floating-rate bridge loan on behalf of the borrower, LaSalle Investment Management's Income & Growth Fund Series.
The 33-story office tower has undergone more than $33 million in capital improvements in recent years. The renovations include a reimagined lobby and an open-air, four-seasons tenant lounge on the 30th floor with a barista bar and concierge. The tower additionally features amenities such as a conference center, a state-of-the-art fitness center, a bike room and a private rooftop terrace.
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Ownership acquired the property in early 2017 and increased occupancy upon the repositioning. The tower is now occupied by a mix of 36 office tenants, as well as street-level retail tenants.
Situated in the city's West Loop neighborhood, 123 North Wacker offers immediate access to Ogilvie Transportation Center, Union Station, the L train and CTA bus lines.
Representing the borrower was a JLL Capital Markets team led by senior managing director, Keith Largay and director, Lucas Borges.
"The refinancing of 123 North Wacker demonstrates that with the right mix of a quality asset and strong sponsorship, financings for CBD office buildings are still transacting in today's environment," states Borges. "123 North Wacker has a prestigious location at 'ground zero' for office in downtown Chicago, at an attractive discount to replacement cost and at a rent discount compared to newer office buildings despite the comprehensive renovation."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
