SHVO JV Completes $376M Purchase of Chicago’s Big Red
- Aug 13, 2020
A partnership between SHVO and Deutsche Finance America has completed its $376 million acquisition of 333 South Wabash, a 1.2 million-square-foot skyscraper in the Chicago office market. AIG and Goldman Sachs provided financing for the purchase of the former CNA Center, also known as Big Red. The deal was first announced in January.
Morgan Stanley and The John Buck Co. were the sellers. The joint venture purchased the 45-story asset for $108 million from CNA in 2016, according to Yardi Matrix. In 2018, Brookfield Asset Management provided the partnership with a $195 million loan which financed major capital improvements on the building the following year.
The property, located one block from Grant Park in the Loop, was completed in 1973. Amenities include childcare facilities, an auditorium with 250 seats, tenant lounges, a new food hall and a fitness center. The high-rise is home to a diverse mix of tenants, including the Chicago Housing Authority, Northern Trust and former namesake CNA.
The Chicago deal marks the latest in a series of landmark acquisitions made by the joint venture during the past two years. In March, the partnership purchased 530 Broadway, a 200,000-square-foot mixed-use property in Manhattan’s SoHo neighborhood, backed by $210 million in financing from LoanCore Capital.