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Old Post Office Scores Massive Refi After Leasing Success
A venture led by 601W Cos. has taken out an $830-million mortgage from JPMorgan Chase on the Old Post Office at 433 W. Van Buren St., Crain’s Chicago Business reported, citing Cook County property records. The loan replaces $611 million in debt the developer borrowed for the redeveloped property in mid-2019, which was packaged into CMBS.
EQ Office’s Willis Tower and Vornado Realty Trust’s theMART are the only Chicago office properties that have landed larger loans, according to data from Real Capital Analytics.
Crain’s reported that the massive refinancing reflects the value that 601W has injected into the building with an impressive roster of new tenants, defying a broader leasing slowdown with the COVID-19 pandemic accelerating the rise of remote work. After recent deals with heavy-duty tool maker Milwaukee Tool and health care management consultant Vizient, the building is now about 95% leased, according to leasing brokerage Telos Group.
- ◦Financing
