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$360M to Pay for 937K-SF Chicago Tower
HNA Group, a Chinese conglomerate, has struck a deal with Los Angeles-based CBRE Global Investors to acquire 181 W. Madison St., a 937,000-square-foot office tower in Chicago’s Loop. Upon closing, the seller will walk away from the table with approximately $360 million. The transition is the first in the Windy City for HNA Group. Eastil Secured marketed the property on behalf of the seller.
The tower, which was first placed on the market in December 2015, was refinanced in February 2016 following a slowdown in the market. The refi retired approximately $191 million in remaining debt that was set to mature later in the year.
Northern Trust leases more than 400,000 square feet in the building, which delivered in 1990.
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- ◦Sale/Acquisition
- ◦Sale/Acquisition
