JLL Capital Markets has arranged a $153 million refinancing for 123 North Wacker, a fully amenitized, recently repositioned, 550,000-square-foot office tower in Chicago’s central business district.
JLL worked on behalf of the borrower, LaSalle Investment Management’s Income & Growth Fund Series, to secure the five-year, floating-rate bridge loan.
123 North Wacker is positioned in the highly sought-after West Loop submarket, where not only nearly 50 percent of the Class-A office space in Chicago’s central business district resides, but also where most out-of-market companies have migrated to during the last decade.
This location positions the property at the epicenter of transportation, boasting immediate access to the high-speed rail options at Ogilvie Transportation Center and Union Station, as well as access to Chicago’s L Train line and CTA bus lines. Additionally, 123 North Wacker has immediate connectivity to the Kennedy Expressway for commuting to the entire Chicagoland area.
The 33-story office tower has undergone more than $33 million of capital improvements in the past few years, including a reimagined lobby, four-seasons one-of-a-kind tenant lounge on the 30th floor allowing an open-air environment through floor-to-ceiling NanaWalls, and a barista bar and concierge in the tenant lounge.
Additional amenities include a conference center, state-of-the-art fitness center, bike room and a private rooftop terrace. Through the repositioning, ownership has increased occupancy since acquisition in early 2017, comprising a diverse mix of 36 office tenants and retail at the street level. Despite slowed leasing due to the COVID-19 pandemic, tenants are attracted to 123 North Wacker’s efficient floorplates and significant discount relative to the new construction surrounding the prestigious Wacker Drive location.
