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Prudential Plaza Owner Receives Loan Extension, Plans Major Renovations
Wanxiang America Real Estate Group, the owner of Prudential Plaza and the investment arm of Chinese auto parts manufacturer Wanxiang Group, has negotiated a two-year extension of its $389 million mortgage. The agreement prolongs the maturity date to 2027, with an option to extend through 2029, reported Crain’s.
Located at 130 East Randolph Street, the two-tower, 2.3 million-square-foot office complex was bought by Wanxiang for $680 million in 2018, which had been negotiating with its lender, CW Capital, to modify the terms of the loan.
Per Crains, Wanxiang will overhaul the complex with a more than $50 million investment. Plans call for a rooftop deck on One Prudential Plaza, with a glass walkway connecting to Two Prudential Plaza Tower. The vacant 11th floor of Two Prudential Plaza will feature a 20,000-square-foot conference center and entertainment area with a bar, lounge and co-working space. Renovations would also include a pickleball court, putting green, and a new bar area overlooking Millennium Park.
