Suburban Chicago Office Towers Land $60M Refi
- Jun 13, 2018
Zeller Realty Group has received a $59.6 million loan to refinance Old Orchard Towers, a 349,814-square-foot, Class A office complex in Skokie, Ill. HFF arranged a three-year, floating-rate loan through Ares Commercial Real Estate Corp. for the property, which consists of two seven-story buildings. Christopher Carrol, HFF’s managing director, was part of the debt placement team representing the borrower.
Located at 5202 and 5250 Old Orchard Road in the North Shore submarket of northwestern Chicago, the building’s towers were constructed in 1981 and 1983, respectively, and the entire property was renovated in 2005.
The North and South Towers are connected via a concourse and an 857-space parking deck. Old Orchard Towers also includes 1,700 square feet of retail and a 2.5-acre vacant land parcel for future development. The LEED Gold property is currently leased to 16 tenants, including Sg2, Kaufman, Hall & Associates and National Louis University.
Zeller Realty Group’s portfolio includes approximately 9.5 million square feet valued at $2.5 billion. In January, Zeller Realty Group teamed up with the Partners Group to acquire Resurgens Plaza, a Class A office tower encompassing 402,929 square feet in the Buckhead submarket of Atlanta. HFF brokered that sale as well and also secured $79.4 million in acquisition financing on behalf of the buyer.
The Old Orchard Towers is situated just five miles from Chicago, 13 miles from Chicago’s famed O’Hare International Airport and 15 miles from the Chicago CBD. It’s adjacent to the Edens Expressway making it visible to more than 150,000 vehicles a day.
Image courtesy of Yardi Matrix