JLL secures $256M refinancing for one of Chicago’s most historic office buildings

JLL Capital Markets arranged a $256 million refinancing for 141 W. Jackson Boulevard, an iconic, 1.33-million-square-foot office tower situated at the doorsteps of Chicago’s LaSalle Street Corridor that comprises the 44-story North Building and the 22-story South Building.

JLL worked on behalf of the borrower, a partnership between funds managed by Oaktree Capital Management, L.P. and GlenStar Properties, to secure debt financing through a domestic financial institution. Ownership has successfully instituted a spec suite program and plans to allocate a portion of the loan proceeds toward future leasing.

Known as the Chicago Board of Trade Building (CBOT), 141 W. Jackson is proximate to West Loop South, the new epicenter of a live-work-play district offering restaurants, bars, shopping, hotels and residential and office space. The property is near numerous CTA line stops with connectivity to O’Hare International Airport, the surrounding Chicago suburbs and the area’s major freeways (Interstates 290, 90 and 94).

Ownership has institutionally maintained and updated 141 W. Jackson by offering robust on-site amenities and technology, including a 24/7 fitness center, video conference center, rooftop deck and game room, Ceres Café Bar and Patio, Cellars Market and a tenant lobby with concierge services. The property is LEED Silver certified and designated a BOMA 360 Performance Building. It has a Platinum Wired Certification, and TOBY named it the 2019 Outstanding Building of the Year for Historical Buildings. With a wide range of suite sizes, 141 W. Jackson is home to a diverse tenant roster consisting of companies in the technology, financial services, retail/banking, healthcare, legal and real estate industries, among others.

JLL managing director, Christopher Carroll, and director, Lucas Borges, represented the borrower.

“It’s been an absolute privilege to work with the GlenStar and Oaktree team on this special property in Chicago,” Carroll said. “While the remarkable history of this building is well known, the real story here is a next generation icon resulting from the transformative renovations ownership has made.”

“Oaktree and GlenStar have done a tremendous job transforming this architectural masterpiece into a competitive, modern landmark,” Borges said. “Positioned in the path of growth, CBOT is poised to capitalize on increased tenant demand as mega-developments redefine the surrounding area.”