JLL’s capital markets team has arranged $30.684 million in financing for 601-609 W. Randolph, which comprises a five-story historic office building and the development of a 15-story boutique office building to be built in Chicago’s Fulton Market District.
JLL worked on behalf of the borrower, Vista Property Group, to secure the financing through Bank OZK. Loan proceeds are being used to finance the upgrades at 601 W. Randolph and fund construction of 609 W. Randolph.
Once complete, 601 and 609 W. Randolph will contain over 110,000 rentable square feet. 601 W. Randolph, originally built in the 1890s, includes five floors of retail and loft office space that will be renovated as part of the project.
Designed by Antunovich Associates, 609 W. Randolph will feature a modern brick and metal exterior and thoughtful interior design catering to post-pandemic demands. Smaller floorplans with flexible layouts, touchless interior features, smart restrooms and fresh air exchange are a few of the features being incorporated into the design. Additionally, 609 W. Randolph will offer top-of-market amenities, including a rooftop terrace, fitness room, bike room, business lounge, communal co-working space, two large meeting spaces and a café/tenant lounge.
The JLL Capital Markets team representing the borrower was led by senior director Christopher Knight. Skender is serving as general contractor for the building’s construction.
“The West Loop is Chicago’s dominant office submarket, but existing product is predominantly large towers,” said Knight. “A modern boutique building in this location, combined with the immediate access to all of Fulton Market’s amenities and charm, will be uniquely appealing to tenants, particularly in a post-pandemic market.”
