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123 N. Wacker Lands $153M Refi
JLL Capital Markets arranged a $153-million refinancing for 123 North Wacker, a recently repositioned 550,000-square-foot office tower in Chicago’s West Loop. The team of senior managing director Keith Largay and director Lucas Borges worked on behalf of the borrower, LaSalle Investment Management’s Income & Growth Fund Series, to secure the five-year, floating-rate bridge loan.
The 33-story office tower has undergone more than $33 million of capital improvements in the past few years, including a reimagined lobby, four-seasons tenant lounge on the 30th floor allowing an open-air environment through floor-to-ceiling NanaWalls, and a barista bar and concierge in the tenant lounge.
“The refinancing of 123 North Wacker demonstrates that with the right mix of a quality asset and strong sponsorship, financings for CBD office buildings are still transacting in today’s environment,” said Borges.
