HFF has arranged financing for 401 North Michigan Avenue, a 35-story, 758,131-square-foot Class A office tower along Chicago’s “Magnificent Mile”.
HFF worked exclusively on behalf of Zeller Realty Group (“ZRG”) to secure the five-year, floating-rate loan through Blackstone Mortgage Trust. Loan proceeds are being used to enhance the property over the next three years. 401 North Michigan Avenue is located along The Chicago River adjacent to the Chicago Tribune Tower, the downtown campus of the University of Chicago’s Booth School of Business/Gleacher Center and the Wrigley Building.
Express buses from both Union and Ogilvie train stations serve the property; and given its location at Michigan Avenue and the Chicago River, the property boasts some of the most breathtaking views in downtown Chicago. The property was originally built in 1965 and is 81 percent leased to tenants including Kraft, University of Chicago, MTV, and several significant family offices and fund managers. Building enhancements include a new lobby; a 19th floor amenity package featuring a tenant lounge with Wi-Fi, fireplace, coffee station, and training and boardrooms; a new river and street level restaurant concept, and a fitness center.
The HFF debt placement team representing the borrower was led by senior managing directors Mike Kavanau and Dave Keller and managing director Christopher Carroll.
