{"id":1004165395,"date":"2017-01-31T05:59:20","date_gmt":"2017-01-31T13:59:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004165395"},"modified":"2022-12-08T17:42:31","modified_gmt":"2022-12-09T01:42:31","slug":"new-york-life-secures-financing-for-chicago-high-rise","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-york-life-secures-financing-for-chicago-high-rise\/","title":{"rendered":"New York Life Secures Financing for Chicago High-Rise"},"content":{"rendered":"<p>By Adina Marcut<\/p>\n<div id=\"attachment_1004165402\" style=\"width: 251px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/123-N.-Wacker-Drive.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004165402\" data-attachment-id=\"1004165402\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/new-york-life-secures-financing-for-chicago-high-rise\/123-n-wacker-drive\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/123-N.-Wacker-Drive.jpg\" data-orig-size=\"600,748\" 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=\"123 N. Wacker Drive\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/123-N.-Wacker-Drive.jpg?w=600\" class=\"wp-image-1004165402 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/123-N.-Wacker-Drive.jpg\" alt=\"123 N. Wacker Drive\" width=\"241\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/123-N.-Wacker-Drive.jpg 600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/123-N.-Wacker-Drive.jpg?resize=241,300 241w\" sizes=\"auto, (max-width: 241px) 100vw, 241px\" \/><\/a><p id=\"caption-attachment-1004165402\" class=\"wp-caption-text\">123 N. Wacker Drive<\/p><\/div>\n<p><b>Chicago<\/b>\u2014New York Life Real Estate Investors recently announced the financing of 123 N. Wacker Drive, a 550,000-square-foot, Class A office building located in Chicago. JLL Capital Markets acted as mortgage banker. The property traded in November 2016, when\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/lasalle-buys-west-loop-tower\/\" target=\"_blank\" rel=\"noopener\">LaSalle Investment Management shelled out $147 million<\/a>.<\/p>\n<p>The floating rate loan has a term of four years and will be used to finance the acquisition, repositioning and leasing of the property on behalf of LaSalle Income and Growth Fund VII. A prominent office asset, 123 North Wacker is located in Chicago\u2019s West Loop submarket.<\/p>\n<p>The 30-story high-rise includes 11,012 parking spaces, as well as 10,355 square feet of first-floor\u00a0retail, according to Yardi Matrix.<\/p>\n<p>\u201cThis is a unique opportunity to reposition 123 North Wacker, a prominent office asset with a premier address. The building offers some of the largest blocks of contiguous space along highly desirable Wacker Drive. We are pleased to add this loan with excellent sponsorship to our commercial real estate debt portfolio,\u201d John Howard, New York Life Real Estate Investors senior director, said in a statement.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 30-story, Class A office property was recently acquired by LaSalle Investment Management for $147 million.<\/p>\n","protected":false},"author":436,"featured_media":1004165402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21825,13,21742,21747],"tags":[32796,33722,33542],"class_list":["post-1004165395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-finance","category-midwest","category-latest","category-office","tag-jll","tag-lasalle-investment-management","tag-new-york-life-real-estate-investors"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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