Chicago & Midwest + Greater Chicagoland + Office | August 13, 2018

JLL Lines Up Debt for Group RMC Deal in East-West Corridor

JLL has arranged $63 million in acquisition financing for Executive Towers West, a three-building suburban office campus in Downers Grove, IL. The firm worked on behalf of Group RMC, which acquired the property from Blackstone this past June, to secure financing from Morgan Stanley.

Managing director Adam Schwartz, EVP Brett Rosenberg and analyst Patrick Heitmann executed the transaction on behalf of JLL.

“The previous owners had recently completed a multimillion capital improvement program at Executive Towers West, with enhancements including a new tenant lounge, fitness center, conference centers and food service area,” said Schwartz. “The campus is nearly 90% occupied and offers some of the largest and most efficient Class A floor plates in the East-West corridor, one of Chicago’s most desirable office submarkets.”

Executive Towers West totals 682,502 square feet and was developed between 1983 and 1987. It’s the fourth Chicagoland acquisition for New York-based Group RMC.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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