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ING Leads $300M Financing for Prized Chicago Tower
ING Capital LLC led a $297.6-million financing package on behalf of Starwood Global Opportunity Fund X that was used to acquire One South Dearborn, a 40-story, Class A, office tower in downtown Chicago. Starwood purchased the 13-year-old property, located in the Central Loop, from Newport Beach, CA-based Olen Properties.
The 828,538-square-foot property at Madison and Dearborn was developed by Hines in 2005, and has been anchored by Sidley Austin LLP since its completion. The law firm recently renewed its lease at the property. The trophy property combines innovative design, technology-enabled infrastructure and a five-star amenity package.
ING served as administrative agent to fully underwrite and close a $235.1 million senior loan. Additionally, Deutsche Asset Management provided a $62.5 million mezzanine loan on behalf of one of its private investors. ING expects to syndicate a portion of the senior loan in the coming weeks.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
