{"id":1004512528,"date":"2021-02-25T04:58:30","date_gmt":"2021-02-25T12:58:30","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004512528"},"modified":"2021-05-15T10:15:44","modified_gmt":"2021-05-15T18:15:44","slug":"trophy-chicago-office-asset-lands-153m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/trophy-chicago-office-asset-lands-153m-refi\/","title":{"rendered":"Trophy Chicago Office Asset Lands $153M Refi"},"content":{"rendered":"
\"\"<\/a>

123 North Wacker<\/p><\/div>\n

LaSalle Investment Management has received a $153 million refinancing package for 123 North Wacker, a 550,000-square-foot Class A office asset in downtown Chicago. JLL Capital Markets secured the five-year, floating-rate bridge loan for the borrower.<\/p>\n

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READ ALSO<\/strong>: Chicago\u2019s $3.8B Bronzeville Lakefront Revamp Gets Pivotal Approval<\/a><\/p>\n

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The note retires $136.7 million in acquisition financing<\/a> taken in early 2017, according to CommercialEdge. The loan, held by New York Life, was slated to mature this month.<\/p>\n

LaSalle acquired the 33-story Chicago office<\/a> property for $146.5 million from Wells Fargo, which had taken ownership of the building following a foreclosure in mid-2016. Following that sale, the owner invested more than $33 million in capital improvements, renovating the lobby, updating elevator systems and adding an enclosable open-air lounge on the 30th floor. The property\u2019s amenities include a fitness center, bicycle lockers, a conference center and more than 10,000 square feet of retail space at the ground floor. The building\u2019s office roster has a diverse mix of 36 tenants, from the Chicago Bears to cloud storage provider Box.<\/p>\n

Located at the corner of North Wacker Drive and West Randolph Street, the high-rise is in the heart of the Loop, a short distance from the Ogilvie train station and the metro\u2019s extensive L network. The city\u2019s iconic Willis Tower, which wrapped up a $500 million capital improvement project<\/a> last year, is a quarter mile due south.<\/p>\n

Into the wind<\/strong><\/h2>\n

After a difficult year for the sector as a whole, Chicago\u2019s office market is showing signs of stress. Office vacancy hit a 10-year high during the fourth quarter of 2020, according to a recent Colliers report, following steady negative absorption across all asset classes. While Class A office buildings are more likely to be resilient in the near term, shifts toward remote work will continue to impact office market fundamentals in Chicago and nationwide.<\/p>\n

Office lending has not been immune to these changes. Due to the economic uncertainty and the volatility endemic to the sector, lenders have become more hesitant and are more heavily scrutinizing riskier commercial loans<\/a>. However, optimism remains: In a recent Commercial Property Executive<\/em> survey of top mortgage banking firms, 87.5 percent anticipated higher origination volumes<\/a> this year compared to last.<\/p>\n","protected":false},"excerpt":{"rendered":"

The five-year package pays down a maturing loan on LaSalle Investment Management\u2019s tower. <\/p>\n","protected":false},"author":861,"featured_media":1004517706,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21825,13,21742,21747],"tags":[32763,32796,44006,33722,36276],"class_list":["post-1004512528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-finance","category-midwest","category-latest","category-office","tag-colliers-international","tag-jll","tag-jll-capital-markets","tag-lasalle-investment-management","tag-new-york-life-insurance-company"],"acf":[],"yoast_head":"\nTrophy Chicago Office Asset Lands $153M Refi - 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\/trophy-chicago-office-asset-lands-153m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trophy Chicago Office Asset Lands $153M Refi\" \/>\n<meta property=\"og:description\" content=\"The five-year package pays down a maturing loan on LaSalle Investment Management\u2019s tower.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/trophy-chicago-office-asset-lands-153m-refi\/\" \/>\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=\"2021-02-25T12:58:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:15:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/123-North-Wacker.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jeff Hamann\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trophy-chicago-office-asset-lands-153m-refi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trophy-chicago-office-asset-lands-153m-refi\\\/\"},\"author\":{\"name\":\"Jeff Hamann\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9dada606742ec2aa010683bdabf468f4\"},\"headline\":\"Trophy Chicago Office Asset Lands $153M Refi\",\"datePublished\":\"2021-02-25T12:58:30+00:00\",\"dateModified\":\"2021-05-15T18:15:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trophy-chicago-office-asset-lands-153m-refi\\\/\"},\"wordCount\":377,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trophy-chicago-office-asset-lands-153m-refi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/04\\\/123-North-Wacker.jpg\",\"keywords\":[\"Colliers International\",\"JLL\",\"JLL Capital Markets\",\"LaSalle Investment Management\",\"New York Life Insurance Company\"],\"articleSection\":[\"Chicago\",\"Finance\",\"Midwest\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trophy-chicago-office-asset-lands-153m-refi\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trophy-chicago-office-asset-lands-153m-refi\\\/\",\"name\":\"Trophy Chicago Office Asset Lands $153M Refi - 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