HFF Lines Up $220M in Financing for New Google Midwest HQ
- Feb 05, 2015
Working on behalf of Chicago-based developer Sterling Bay Cos., HFF has recently secured $220 million in financing for 1KFulton, a 550,000-square-foot mixed-use development to be anchored by Google Inc. in Chicago’s West Loop. The floating-rate loan was placed with Los Angeles-based Mesa West Capital, according to a news release.
Located at 1000 W. Fulton in Chicago’s historic Fulton Market area, 1KFulton is a 10-story building developed as a cold-storage warehouse in 1923. The property has been redeveloped into a Class A, LEED Gold-certified office-and-retail building that will house tech giant Google’s 357,928-square-foot regional headquarters.
Designed by Hartshorne Plunkard Architects and Perkins+Will, 1KFulton features an on-site fitness center, rooftop deck, secure bike room, on-site bicycle detailing/repair center, underground parking garage, as well as on-site ZipCars. Committed tenants also include bike components manufacturer SRAM, Sandbox Industries and BOKA Restaurant Group.
The HFF team representing the developer was led by Senior Managing Director Mike Kavanau, Managing Director Timothy Joyce and Real Estate Analyst Christopher Knight.
“1KFulton is a truly transformative asset for the West Loop,” said Kavanau. “Google’s significant commitment to the location was noted in nearly every offering memorandum and committee presentation in the past couple of years.”
Image courtesy of Sterling Bay Cos.
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