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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