Owners of Chicago’s One Two Pru have formally requested a transfer of its $389 million loan to a special servicer ahead of its August 2025 maturity date with the goal of securing a loan modification and extension that will better position ownership, and the asset, for the future.
“The office market is in uncharted territory, and we are not immune,” said Wanxiang Managing Director Larry Krueger. “Given our continued commitment to One Two Pru, we feel this is in the best interest of all parties involved in this iconic Chicago property for long-term success.”
Ownership intends to invest significant capital over the next several years to secure existing and new tenants while also improving the building’s amenities and common areas.
Notable tenants include SMS Assist (114,383 square feet) and Optiver (99,586 square feet). The complex’s current occupancy is 78% but is expected to decline over the next few years.
Completed in 1955, One Pru was the first skyscraper built in Chicago following the Great Depression and World War II. Two Pru was completed in 1990. Together, the two building, 2.3-million-square-foot office complex enjoys a dynamic mix of ground floor retailers and restaurants from local favorites Rosebud on Randolph and Giordano’s, to the grab-and-go convenience of Amazon Go. Situated just across the street from Grant Park, One Two Pru is within steps of the city’s most iconic attractions including Millennium Park, The Bean, Maggie Daley Park, The Magnificent Mile and The Art Institute of Chicago.
One Two Pru is majority owned by Wanxiang America Real Estate Group who bought the property in 2018. Chicago-based Sterling Bay retains a minority stake.
