Prestigious North Shore office buildings land $33.02M financing
JLL Capital Markets arranged the financing for One and Two Conway Park in Lake Forest
CHICAGO, July 8, 2021 – JLL Capital Markets announced today that it has arranged $33.02 million in financing for One and Two Conway Park, two boutique Class A office buildings totaling 225,354 square feet in the Chicago North Shore community of Lake Forest, Illinois.
JLL worked on behalf of the borrower, an affiliate of Pembroke IV LLC, to secure floating-rate financing through Money360. Loan proceeds were used to refinance One Conway, which Pembroke IV purchased in 2016, and fund the acquisition and renovation of Two Conway.
One and Two Conway Park are located at 100 and 150 North Field Dr. immediately off of Interstate 94 (The Edens Expressway) in Chicago’s North Suburban submarket. This submarket is heavily concentrated with corporate headquarters locations, including the Chicago Bears National Football League, which is located adjacent to the properties. Positioned on a combined 17.91 acres within the larger Conway Park office park, the office assets have exceptional accessibility to the greater Chicagoland area via two Metra commuter rail stations nearby and Interstates 94 and 294.
Renovated in 2018, One Conway offers 105,000 square feet of office space that is 57.6% leased to tenants, including Schiller Ducanto & Fleck, Meridian Compensation Partners and Stifel, among others. Two Conway features 120,354 square feet and is currently 55% leased. The two assets offer a campus-like feel with shared amenities, including a conference facility, fitness center, café, underground executive parking and wifi lounge. Ownership plans to add a Grab ‘n’ Go cafeteria, a new training room and outdoor amenities such as picnic tables and fire pits in the coming months.
The JLL Capital Markets team representing the borrower was led by Managing Director Christopher Carroll and Director Lucas Borges.
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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Pembroke IV
Founded in 2007, Pembroke IV invests in commercial real estate where short to intermediate capital market inefficiencies create opportunity. Pembroke IV purchases high-quality properties in strong demographic locations at prices below replacement cost.