{"id":1004399744,"date":"2020-03-13T04:56:21","date_gmt":"2020-03-13T12:56:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004399744"},"modified":"2020-03-13T07:17:48","modified_gmt":"2020-03-13T15:17:48","slug":"oaktree-capital-jv-secures-256m-refi-for-chicago-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/oaktree-capital-jv-secures-256m-refi-for-chicago-tower\/","title":{"rendered":"Oaktree Capital JV Secures $256M Refi for Chicago Tower"},"content":{"rendered":"
\"\"<\/a>

141 W. Jackson. Image courtesy of JLL<\/em><\/p><\/div>\n

A partnership between Oaktree Capital Management LP and GlenStar Properties has refinanced the loan<\/a> on the iconic Chicago Board of Trade building, a 1.3 million-square-foot property at 141 W. Jackson in Chicago\u2019s LaSalle Street Corridor. JLL Capital Markets secured $256 million in debt financing from a domestic financial institution.<\/p>\n

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READ ALSO<\/strong>: Will Chicago\u2019s Suburban Office Revival Continue?<\/a><\/p>\n

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The property, located near West Loop South, comprises the 44-story North Building constructed in 1930 and the 22-story South Building completed in 1982. Both were completely renovated in 2005 and had cosmetic renovations in 2014. GlenStar has owned the property since 2012, when it acquired it from previous owner, CME Group, which still maintains offices there and is the largest tenant in the South Tower. GlenStar\u2019s first partner was USAA Real Estate and the joint venture acquired the property for $152 million, according to Crain\u2019s Chicago Business<\/em>. GlenStar recapitalized the property in 2014 with a $160.8 million mortgage and Oaktree replaced USAA as the joint venture partner, Crain\u2019s reported. In May 2017, the property was refinanced with a $177.7 million loan that appraised it at $275 million.<\/p>\n

JLL Managing Director Christopher Carroll and Director Lucas Borges represented the borrowers in the transaction. The deal was secured by HFF prior to being acquired by JLL in July 2019.<\/p>\n

Property upgrades<\/strong><\/h2>\n

The partners invested about $35 million in technological and other upgrades at the historic property to make it a competitive, modern asset. Amenities added include a 24\/7 fitness center, video conference center, rooftop deck, game room and tenant lobby with concierge services. The owners also brought on Ceres Caf\u00e9 Bar and Patio, as well as Cellars Market as tenants. The property is LEED Silver certified and designated a BOMA 360 Performance Building. It also has a Platinum Wired Certification and TOBY named it the 2019 Outstanding Building of the Year for Historical Buildings. Located near restaurants, bars, hotels, shopping and residential and office space, the property has a Walk Score of 99. It is also near numerous CTA line stops with connectivity to O\u2019Hare International Airport and the suburbs, earning it a Transit Score of 100. The property is also near the area\u2019s major freeways: Interstates 290, 90 and 94.<\/p>\n

The ownership has also created a successful spec suite program and plans to allocate part of the loan proceeds toward future leasing. Current tenants in the 550,000-square-foot South Building, which has an 11.3 vacancy rate, include Linn & Associates, Century Group, Uhlmann Price Securities, Omni Point Capital, Hull Investments, the Chicago Precious Metals Exchange and Regus, which leases 18,000 square feet of space. Tenants at the 750,000-square-foot North Building, which has a vacancy rate of 24.4 percent, include Trean Group, EasterSeals, USA Trading, BlueGrace, The Fox Group, Foresight ROI, AMLI Residential and King Caf\u00e9. In September 2019, Cboe Global Markets (the Chicago Board Options Exchange) announced it was moving its trading floor back to the CBOT building in 2021. Cboe is taking 40,000 square feet on the 7th<\/sup> and 8th<\/sup> floors in a 12-year lease.<\/p>\n","protected":false},"excerpt":{"rendered":"

JLL Capital Markets has arranged the loan for the iconic two-building property situated at the doorstep of the city\u2019s LaSalle Street Corridor. <\/p>\n","protected":false},"author":1068,"featured_media":1004399792,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21808,21825,13,21742,21747],"tags":[48974,41738,32796,44006,32944,44930],"class_list":["post-1004399744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-featured","category-finance","category-midwest","category-latest","category-office","tag-cme-group","tag-glenstar-properties","tag-jll","tag-jll-capital-markets","tag-oaktree-capital-management","tag-usaa-real-estate"],"acf":[],"yoast_head":"\nOaktree Capital JV Secures $256M Refi for Chicago Tower - 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\/oaktree-capital-jv-secures-256m-refi-for-chicago-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oaktree Capital JV Secures $256M Refi for Chicago Tower\" \/>\n<meta property=\"og:description\" content=\"JLL Capital Markets has arranged the loan for the iconic two-building property situated at the doorstep of the city\u2019s LaSalle Street Corridor.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/oaktree-capital-jv-secures-256m-refi-for-chicago-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-13T12:56:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-13T15:17:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/141-West-Jackson-Email-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/oaktree-capital-jv-secures-256m-refi-for-chicago-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/oaktree-capital-jv-secures-256m-refi-for-chicago-tower\/\",\"name\":\"Oaktree Capital JV Secures $256M Refi for Chicago Tower - 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