Skip Ribbon Commands
Skip to main content

News release

CHICAGO, IL

Equity Investors and Banks Tapped to Finance Chicago’s Newest Trophy Office Tower

Space constrained West Loop submarket to add stunning 150 North Riverside


CHICAGO, Sept. 3, 2014 – Chicago’s premier West Loop office submarket continues to spark the interest of the investment community, with sights firmly set on development as rental rate increases continue and vacancy approaches an all-time low in the submarket’s trophy office towers.

An affiliate of the O’Donnell Investment Company (“OIC”), finalized  debt and equity financing for the construction of 150 North Riverside, a 1.2 million square foot trophy office tower located at the confluence of the three branches of the Chicago River. JLL’s Capital Markets experts advised OIC and the ownership group on the transaction. The JLL assignment was led by Managing Director Dave Hendrickson, Executive Vice President Keith Largay and Senior Vice President Ian Russell while investment sales expertise was provided by International Director Bruce Miller.

Three domestic and foreign banks collaborated on the approximately $296 million construction loan, which included Bank of America, Helaba and RBS Citizens. Equity capital was provided as part of a joint venture partnership between affiliates of OIC, Wanxiang America Real Estate Group, and Heitman LLC. The new building will serve as the global headquarters for William Blair & Company, an investment banking and asset management firm with 13 offices across five continents and $73 billion in client assets. Victory Park Capital, a privately held registered investment advisor dedicated to alternative investing, will also be headquartered at the property.

“Tenants are not only clamouring for transit oriented locations like 150 North Riverside, but are also demanding the latest technology and amenities found in these new class A+ buildings,” said Hendrickson.  “Remember, it was just five years ago that just one building traded in the CBD, so this new development is a true testament to the exceptional quality of the property and the capability of the OIC team.  The lenders and investors are passionate about participating in a rare development opportunity with extremely strong sponsorship in a submarket with limited development sites.”

“When complete, 150 North Riverside will be uniquely positioned to offer tenants unsurpassed access to public transportation and incredible views of the Chicago River,” said Largay.  “In a submarket with limited contiguous large block space options, we anticipate this property will be an incredible success story for the investors.”
Construction on the new 53 floor Class A+ office tower has commenced.  Mayor Rahm Emanuel joined the project team for a ground breaking ceremony on July 24, 2014.  The development will be a 1.2 million square foot office tower located along the Chicago River between Lake and Randolph Streets. It will feature a modern architecture style and floor-to-ceiling glass, providing 360 degree views of the river and downtown Chicago. Additionally, an approximately 1.5 acre park will surround the property, which will support the City of Chicago’s initiative to create a vibrant river walk area for its residents and tourists. Construction is anticipated to be completed by the fourth quarter of 2016. 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.​