{"id":1004134230,"date":"2016-01-06T11:07:20","date_gmt":"2016-01-06T19:07:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004134230"},"modified":"2020-04-23T03:36:05","modified_gmt":"2020-04-23T11:36:05","slug":"optibase-makes-12-9m-investment-in-chicago","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/optibase-makes-12-9m-investment-in-chicago\/","title":{"rendered":"Optibase Makes $12.9M Investment in Chicago"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/300sRiverside_Ext_day_9787_72dpi.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004134232\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/optibase-makes-12-9m-investment-in-chicago\/300-s-riverside-plaza-chicago\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/300sRiverside_Ext_day_9787_72dpi.jpg\" data-orig-size=\"1183,832\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;11&quot;,&quot;credit&quot;:&quot;\\u00a9 2013 Rubinic Photography, Inc&quot;,&quot;camera&quot;:&quot;NIKON D4&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1376728788&quot;,&quot;copyright&quot;:&quot;\\u00a9 2013 Jay J. Rubinic - No unauthorized use of image unless approved by Rubinic Photography, Inc.&quot;,&quot;focal_length&quot;:&quot;19&quot;,&quot;iso&quot;:&quot;320&quot;,&quot;shutter_speed&quot;:&quot;0.0025&quot;,&quot;title&quot;:&quot;300 S Riverside Plaza - Chicago&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"300 S Riverside Plaza &#8211; Chicago\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/300sRiverside_Ext_day_9787_72dpi.jpg?w=1024\" class=\"alignright size-medium wp-image-1004134232\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/300sRiverside_Ext_day_9787_72dpi.jpg\" alt=\"300 S Riverside Plaza - Chicago\" width=\"300\" height=\"211\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/300sRiverside_Ext_day_9787_72dpi.jpg 1183w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/300sRiverside_Ext_day_9787_72dpi.jpg?resize=300,211 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/300sRiverside_Ext_day_9787_72dpi.jpg?resize=768,540 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/300sRiverside_Ext_day_9787_72dpi.jpg?resize=1024,720 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><a href=\"https:\/\/www.optibase-holdings.com\/\" target=\"_blank\" rel=\"nofollow\">Optibase Ltd<\/a>.\u2019s wholly owned\u00a0Delaware\u00a0subsidiary, Optibase Chicago 300 LLC, invested $12.9 million in 300 River Holdings, LLC (The Joint Venture Company), which beneficially owns the rights to a 23-story Class A office building located at in\u00a0Chicago\u00a0under a 99-year ground lease expiring in 2114.<\/p>\n<p>Optibase\u2019s investment entitles it to a 30 percent interest in the Joint Venture Company. The remaining 70 percent is owned by 300 River Plaza One LLC, which is controlled by the U.S. real estate company Third Millennium Group.<\/p>\n<p>\u201cWe are very pleased to have completed this investment in a Class A commercial asset in one of America\u2019s most sought after metro areas,\u201d Amir Philips, Optibase\u2019s CEO, said in a prepared release. \u201cWe look forward to working with our partners at Third Millennium Group who have extensive operational experience and knowledge of the local market.\u201d<\/p>\n<p>As part of the deal, WKEM Riverside Member LLC, an existing member of the Joint Venture Company, redeemed all of its 30 percent interest in the company.\u00a0 In addition, the Joint Venture Company executed promissory notes in the aggregate amount of $60 million in favor of WKEM Riverside Member LLC and 300 River Plaza One LLC. These promissory notes will accrue interest at between four and six percent during the first five years and 12 percent per annum thereafter.<\/p>\n<p>According to Philips, Optibase will continue pursuing further real estate investments in the U.S. and\u00a0Europe\u00a0to bring value to its shareholders.<\/p>\n<p>The Joint Venture will seek to fund anticipated tenant improvements expenses for new leases on the property by raising approximately $40 million of additional debt from its members and third parties that will accrue interest at 12 percent per annum and be senior to the promissory notes held by WKEM Riverside Member LLC and 300 River Plaza One LLC. Optibase will have the right to fund up to 30 percent of such additional debt.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Optibase Chicago invested $12.9 million in 300 River Holdings, the owner of the rights to a 23-story Class A office building at 300 S. Riverside Plaza.<\/p>\n","protected":false},"author":451,"featured_media":1004134232,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21808,21783,13,21742,21747],"tags":[],"class_list":["post-1004134230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-featured","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) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Optibase Makes $12.9M Investment in Chicago - 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\/optibase-makes-12-9m-investment-in-chicago\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Optibase Makes $12.9M Investment in Chicago\" \/>\n<meta property=\"og:description\" content=\"Optibase Chicago invested $12.9 million in 300 River Holdings, the owner of the rights to a 23-story Class A office building at 300 S. 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