{"id":1004091925,"date":"2014-02-26T11:06:35","date_gmt":"2014-02-26T19:06:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004091925"},"modified":"2022-12-07T01:09:42","modified_gmt":"2022-12-07T09:09:42","slug":"hff-arranges-financing-for-361m-purchase-of-chicago-office-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hff-arranges-financing-for-361m-purchase-of-chicago-office-property\/","title":{"rendered":"HFF Arranges Financing for $361M Purchase of Chicago Office Property"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/10-120-South-Riverside-Plaza.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004091927\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hff-arranges-financing-for-361m-purchase-of-chicago-office-property\/10-120-south-riverside-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/10-120-South-Riverside-Plaza.jpg\" data-orig-size=\"900,600\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"10  120 South Riverside Plaza\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/10-120-South-Riverside-Plaza.jpg?w=900\" class=\"alignleft size-medium wp-image-1004091927\" alt=\"10  120 South Riverside Plaza\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/10-120-South-Riverside-Plaza.jpg\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/10-120-South-Riverside-Plaza.jpg 900w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/10-120-South-Riverside-Plaza.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/10-120-South-Riverside-Plaza.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>HFF did double duty for 10 and 120 South Riverside Plaza, a 1.4 million-square-foot office complex in Chicago. The commercial real estate and capital markets services provider marketed the property on behalf of TIER REIT Inc. and, as it has now been revealed, orchestrated financing on behalf of the buyer, an affiliate of Ivanho\u00e9 Cambridge advised by Callahan Capital Properties, which <a href=\"https:\/\/www.commercialsearch.com\/news\/regions\/midwest\/ivanhoe-cambridge-grabs-premier-1-4-msf-office-property-for-360m\/\">shelled out $361 million to acquire the two-building asset late last year.\u00a0\u00a0<\/a><\/p>\n<p>HFF, which secured a fixed-rate loan, had a great deal to work with in its pursuit of financing for Ivanho\u00e9 Cambridge\u2019s acquisition of 10 and 120 South Riverside Plaza. To begin with, there\u2019s the solid sponsorship. Montreal-based Ivanho\u00e9 Cambridge is a real estate subsidiary of the Caisse de d\u00e9p\u00f4t et placement du Qu\u00e9bec, one of Canada&#8217;s leading institutional fund managers, and CCP is led by Tim Callahan, former CEO of Trizec Properties Inc. and Equity Office Properties Trust.<\/p>\n<p>Then there\u2019s the Skidmore, Owings and Merrill-designed property itself. The twin 21-story towers, located in Chicago\u2019s coveted West Loop submarket, are LEED Gold-certified Class A buildings with a combined occupancy of roughly 90 percent and a tenant roster featuring such names as information technology firm CDW and Zurich American Insurance Co.<\/p>\n<p>The lending community took notice. \u201cThis was a low leverage balance sheet request and we received quite a bit of interest from a host of capital sources,\u201d Timothy Joyce, managing director with HFF, told <i>Commercial Property Executive<\/i>.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/cities\/chicago\/ivanhoe-cambridge-adds-1-4-msf-of-office-space-to-west-loop-portfolio\/\">\u00a0<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HFF did double duty for 10 and 120 South Riverside Plaza, a 1.4 million-square-foot office complex in Chicago. <\/p>\n","protected":false},"author":969,"featured_media":1004091927,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21783,13,21742,21747],"tags":[],"class_list":["post-1004091925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-investment","category-midwest","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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