JLL secures $256M loan for historic Chicago office property
141 W. Jackson is located in an amenity-rich and transit-oriented setting in Chicago’s Central Business District
CHICAGO, March 12, 2020 – JLL Capital Markets announced today that it has arranged a $256 million refinancing for 141 W. Jackson, an iconic, 1.33-million-square-foot office tower situated at the doorsteps of Chicago’s LaSalle Street Corridor that comprises the 44-story North Building and the 22-story South Building.
JLL worked on behalf of the borrower, a partnership between funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and GlenStar Properties, to secure debt financing through a domestic financial institution. Ownership has successfully instituted a spec suite program and plans to allocate a portion of the loan proceeds toward future leasing.
Known as the Chicago Board of Trade Building (“CBOT”), 141 W. Jackson is proximate to West Loop South, the new epicenter of a live-work-play district offering restaurants, bars, shopping, hotels and residential and office space. Boasting a Transit Score® of 100 and a Walk Score® of 99, the property is near numerous CTA line stops with connectivity to O’Hare International Airport, the surrounding Chicago suburbs and the area’s major freeways (Interstates 290, 90 and 94).
Ownership has institutionally maintained and updated 141 W. Jackson by offering robust on-site amenities and technology, including a 24/7 fitness center, video conference center, rooftop deck and game room, Ceres Café Bar and Patio, Cellars Market and a tenant lobby with concierge services. The property is LEED® Silver certified and designated a BOMA 360 Performance Building. It has a Platinum Wired Certification, and TOBY named it the 2019 Outstanding Building of the Year for Historical Buildings. With a wide range of suite sizes, 141 W. Jackson is home to a diverse tenant roster consisting of companies in the technology, financial services, retail/banking, healthcare, legal and real estate industries, among others.
JLL Managing Director Christopher Carroll and Director Lucas Borges represented the borrower.
“It's been an absolute privilege to work with the GlenStar and Oaktree team on this special property in Chicago,” Carroll said. “While the remarkable history of this building is well known, the real story here is a next generation icon resulting from the transformative renovations ownership has made.”
“Oaktree and GlenStar have done a tremendous job transforming this architectural masterpiece into a competitive, modern landmark,” Borges added. “Positioned in the path of growth, CBOT is poised to capitalize on increased tenant demand as mega-developments redefine the surrounding area.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Oaktree is a leader among global investment managers specializing in alternative investments, with $125 billion in assets under management as of December 31, 2019. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 950 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at oaktreecapital.com.
About GlenStar Properties
GlenStar Properties is a vertically integrated real estate firm that has acquired, developed and managed a portfolio of high-profile properties in excess of 10 million square feet and $2 billion in value. For more information, please visit: glenstar.com.