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CHICAGO-A group that owns the 14 office floors at the McCormick Building at 332 Michigan Ave. was able to arrange $30 million in financing for the 327,266-sf space, as part of a lower-rate grab through Meridian Capital Group. The 96-year-old building, known for housing the American Academy of Art, also has another six floors of luxury condominiums as the top stories, which were added in 1997.

Evan Seiden with Merdian’s New York City office says the owner, 332 Property LLC, had too high of an interest rate on the property. He was able to arrange a rate of 5.6% for a 10-year term. “They were paying a rate north of 6%, and the Treasury was low enough it made sense to capitalize on it” Seiden says. “They’ll be able to cash out equity from this refinancing.”

He says he cannot discuss what the owners will do with the savings. The owners could not be reached for comment. Seiden says the office space is more than 95% occupied. The office floors were purchased in early 204 by US Realty Management Co. for $29 million, when it was 10% vacant. “It’s a great property overlooking the lake, and has achieved high occupancy,” Seiden says.

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