Acquisition financing arranged for trophy office tower in suburban Chicago
JLL Capital Markets closes acquisition financing for Two Pierce Place, which is located in the Hamilton Lakes Business Park in Itasca, Illinois
CHICAGO, Jan. 31, 2022 – JLL Capital Markets announced today that it has arranged financing for Two Pierce Place, a 489,876-square-foot, iconic Class A office tower in Itasca, Illinois.
Two Pierce Place is positioned within the 300-acre Hamilton Lakes Business Park, which has exceptional access to the adjacent Interstate 290 in DuPage County. The property is surrounded by numerous restaurants and hotels and is convenient to O’Hare International Airport in the northwest Chicago market.
Built in 1991 to exceptional standards befitting the world headquarters of prior tenant Gallagher Insurance, Two Pierce Place offers 25 stories of office space with flexible 20,000-square-foot floorplates accommodating multi- or single-tenant users. On-site amenities include a deli, sundry shop, revitalized fitness center & tenant lounge, covered parking garage and access to the lakes and walking trails of Hamilton Lakes Business Park.
The JLL Capital Markets team representing the borrower was led by Managing Director Matthew Schoenfeldt.
“This was a particularly exciting assignment; as a lifelong Chicagoan, few suburban office assets approach the pure quality and iconic stature of Two Pierce,” Schoenfeldt noted. “Our lender embraced Sovereign’s business plan of courting blue-chip tenants that demand exceptional value on exceptional space. The insurance company delivered flawlessly.”
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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sovereign Partners, LLC
Sovereign Partners, LLC, specializing in the acquisition of quality assets and opportunistic debt throughout the United States, is under contract to close on more that 1mm RSF of Class A office assets in Q1 2022. The firm real estate team draws on a deep knowledge of real estate fundamentals and capital markets to acquire properties and loans, with a focus on office, hospitality and residential asset classes.