Commercial Property Executive<\/em>, a joint venture including Deutsche Bank A.G. and NorthStar Realty Finance Corp. seized the property earlier this year after a joint venture between Goldman Sachs Group Inc.\u2019s Whitehall Fund and Golub & Co. defaulted on a $400 million loan.<\/p>\nDeutsche Bank and NorthStar took over the commercial space in the building, 897,000 square feet of Class A office space and 172,000 square feet of retail space, along with the parking garage and the broadcast tower. The tower\u2019s 700 luxury residential condominiums are privately owned.<\/p>\n
The John Hancock Center, completed in 1970 after a design by Skidmore Owings and Merrill, is the fourth-tallest building in Chicago and the sixth-tallest in the United States. The new owners of the 100-story high-rise are now selling it in pieces\u2014a strategy that aims to offer a higher profit than selling it to a single buyer.<\/p>\n
According to county property records, a Prudential affiliate acquired the retail space of the tower in late June. Prudential, the real estate investment trust of New Jersey-based life insurer Prudential Financial Inc., borrowed $74.1 million from JP Morgan Chase Bank N.A. to finance the deal. Around the same time, Paris-based Montparnasse 56 Group acquired the Hancock\u2019s observatory for nearly $45 million. The deal was financed through a $36 million loan from a venture affiliated with Missouri-based REIT Entertainment Properties Trust.<\/p>\n
Photo Courtesy of: www.johnhancockcenterchicago.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"By Gabriel Circiog, Associate Editor John Hancock Center’s retail and restaurant space has been acquired by Prudential Real Estate Investors for close to $142 million, ChicagoRealEstateDaily.com reports. As previously reported by Commercial Property Executive, a joint venture including Deutsche Bank A.G. and NorthStar Realty Finance Corp. seized the property earlier this year after a joint […]<\/p>\n","protected":false},"author":264,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21742],"tags":[1815],"class_list":["post-1004051684","post","type-post","status-publish","format-standard","hentry","category-chicago","category-latest","tag-national"],"acf":[],"yoast_head":"\n
Prudential Acquires Retail and Restaurant Space in John Hancock\u2019s Center for Almost $142 Million - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/prudential-acquires-retail-and-restaurant-space-in-john-hancocks-center-for-almost-142-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prudential Acquires Retail and Restaurant Space in John Hancock\u2019s Center for Almost $142 Million\" \/>\n<meta property=\"og:description\" content=\"By Gabriel Circiog, Associate Editor John Hancock Center’s retail and restaurant space has been acquired by Prudential Real Estate Investors for close to $142 million, ChicagoRealEstateDaily.com reports. 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<\/a>As previously reported by Commercial Property Executive<\/em>, a joint venture including Deutsche Bank A.G. and NorthStar Realty Finance Corp. seized the property earlier this year after a joint venture between Goldman Sachs Group Inc.\u2019s Whitehall Fund and Golub & Co. defaulted on a $400 million loan.<\/p>\n