Brookfield Closes on Sale, $120M Financing of Chicago Office Building
- Dec 30, 2010
December 30, 2010
By Allison Landa, News Editor
Brookfield Asset Management has completed the sale of 300 S. Riverside Plaza, a Class A office building in Chicago’s West Loop submarket and arranged a senior leasehold mortgage of $120 million through UBS for the new buyers, a group of private investors led by Joseph Mizrachi and David Werner.
The deal was brokered by Jones Lang LaSalle.
The building, which was traded on behalf of Brookfield Real Estate Opportunity Fund, is 97 percent leased. When acquired in September 2006, it was only 76 percent leased.
According to JLL managing director Bruce Miller, the property offers high quality, investment-grade tenancy, high occupancy and an excellent location along with large yet highly efficient floor plates, making it a unique investor opportunity. JLL senior vice president Dustin Stolly added that competition for the acquisition financing was aggressive, with the buyer receiving a number of compelling loan proposals from all lender types.
Miller as well as JLL managing director Jim Postweiler and vice president Jascint Vukelich led the transaction, while Stolly and managing director Dave Hendrickson arranged financing.
The 23-story tower is comprised of slightly more than a million square feet of rentable space. It is located across the street from Chicago’s Union Station.