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Chicago & Midwest  + Downtown  + Office  |  November 1, 2023
Jasmine Kilman
By: Jasmine Kilman

Blackstone Lists Two-Tower River North Office Property

A large office property in Chicago’s River North has been listed for sale after New York-based Blackstone Group was unable to arrange new financing.

The move comes several months after Blackstone’s $310 million commercial mortgage-backed securities loan matured over the summer, reported Crain’s citing CoStar as a source. JLL is marketing the more than 1.3 million-square-foot property at 350 N. Orleans Street for sale, with roughly 65 percent of the space currently leased. The mortgage was transferred several months ago to special servicer Wells Fargo, which is overseeing it on behalf of CMBS bondholders.

It’s the latest Chicago property headed toward a discount sale amid a sluggish downtown office market. The biggest local commercial real estate sale in the past year was when Menashe Properties, a Portland real estate company, acquired the 29-story tower at 230 West Monroe. Blackstone owns several well-known Chicago properties, including the 110-story Willis Tower, which the firm has significantly renovated.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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