{"id":1004149381,"date":"2016-08-03T01:38:01","date_gmt":"2016-08-03T09:38:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004149381"},"modified":"2020-05-13T22:14:42","modified_gmt":"2020-05-14T06:14:42","slug":"jbc-lands-233m-loan-for-chicagos-cna-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jbc-lands-233m-loan-for-chicagos-cna-center\/","title":{"rendered":"JBC Lands $233M Loan for Chicago&#8217;s CNA Center"},"content":{"rendered":"<p>By Barbra Murray, Contributing Editor<\/p>\n<div id=\"attachment_1004149400\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/CNA-Center.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004149400\" data-attachment-id=\"1004149400\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jbc-lands-233m-loan-for-chicagos-cna-center\/cna-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/CNA-Center.jpg\" data-orig-size=\"1000,843\" 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;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"CNA Center\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/CNA-Center.jpg?w=1000\" class=\"wp-image-1004149400 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/CNA-Center.jpg\" alt=\"CNA Center Chicago\" width=\"300\" height=\"253\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/CNA-Center.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/CNA-Center.jpg?resize=300,253 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/CNA-Center.jpg?resize=768,647 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004149400\" class=\"wp-caption-text\">CNA Center Chicago<\/p><\/div>\n<p><strong>Chicago<\/strong>\u2014<a href=\"https:\/\/www.tjbc.com\/\" rel=\"nofollow\" target=\"_blank\">The John Buck Co.<\/a> can cross construction financing off its to-do list for CNA Center, the 810,000-square-foot Chicago office property that will house the new global headquarters of insurance organization <a href=\"https:\/\/www.cna.com\/web\/guest\/cna\/home\/!ut\/p\/b1\/04_Sj9CPykssy0xPLMnMz0vMAfGjzOJNDLy9Q3xMQo2c_DwNDRz9_YGEn6lBqIkxUEEkUIEBDuBoQEi_l35Uek5-EtCqcP0ovIqDDaEK8Fjm55Gfm6pfkBtRGRyQrggAjaG6wQ!!\/dl4\/d5\/L2dBISEvZ0FBIS9nQSEh\/\" rel=\"nofollow\" target=\"_blank\">CNA<\/a>. With the assistance of commercial real estate and capital markets services provider <a href=\"https:\/\/www.hfflp.com\/\" rel=\"nofollow\" target=\"_blank\">HFF<\/a>, JBC reeled in a $233.3 million loan from <a href=\"https:\/\/www.bankozarks.com\/\" rel=\"nofollow\" target=\"_blank\">Bank of the Ozarks<\/a>.<\/p>\n<p>From a lenders\u2019 perspective, JBC made all the right moves. Before breaking ground on the 35-story trophy office tower at 151 N. Franklin St. in Chicago\u2019s West Loop, the well-regarded real estate operating company landed a lease commitment for 275,000 square feet from CNA, and signed a 100,000-square-foot lease agreement with Hinshaw &amp; Culbertson LLP for the law firm\u2019s national headquarters. And JBC picked the right location to build. The West Loop submarket is starving for trophy accommodations, owing to a sustained demand for modern and efficient office space, according to a report by commercial real estate services firm Savills Studley. CNA Center will answer the call; the property will have all the bells and whistles\u20144,200-square-foot rooftop terrace with bar included.<\/p>\n<p>The capital markets have grown increasingly friendly over the last few years, but securing nearly a quarter-billion dollars in financing is still no simple feat, no matter the positive fundamentals. &#8220;The Chicago office market has continued to tighten over the past five years with only 3 percent or so of total inventory anticipated to be added in this decade. That said, coming out of the global financial crisis there has been financial and regulatory pressure to &#8216;de-risk&#8217; new developments so it is simply harder to capitalize new construction\u2014more equity, less senior loan, more preleasing, stronger metrics,\u201d Michael Kavanau, senior managing director with HFF, told <em><a href=\"https:\/\/www.commercialsearch.com\/news\/\" target=\"_blank\">Commercial Property Executive<\/a><\/em>. \u201cThere are also fewer and fewer premier sites available in Chicago, and only the best capitalized developers\/investors can play in this environment. However, when you do have the combination of best sponsor, location, preleasing and team you get a very strong response from the lending community, as was the case with CNA Center.\u201d<\/p>\n<p>Construction of CNA Center, designed by John Ronan Architects and Adamson Associates, is being spearheaded by Lend Lease. JBC expects to welcome the first tenants to the glass curtain wall-enclosed building in summer 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The John Buck Co. teamed up with HFF and Bank of the Ozarks to secure construction financing for the 35-story office tower.<\/p>\n","protected":false},"author":969,"featured_media":1004149400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21782,21808,21825,21783,13,21742,21747],"tags":[],"class_list":["post-1004149381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-development","category-featured","category-finance","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>JBC Lands $233M Loan for Chicago&#039;s CNA Center - 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