New York Life Secures Financing for Chicago High-Rise
- Jan 31, 2017
Chicago—New 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 LaSalle Investment Management shelled out $147 million.
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’s West Loop submarket.
The 30-story high-rise includes 11,012 parking spaces, as well as 10,355 square feet of first-floor retail, according to Yardi Matrix.
“This 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,” John Howard, New York Life Real Estate Investors senior director, said in a statement.
Image courtesy of Yardi Matrix