ONE REFINANCING 4 ONE FINANCIAL PLACE
|Just as its loan was coming due last week, Behringer Harvard refinanced the office tower/train station at 440 S LaSalle, also known as One Financial Place. Behringer Harvard's Jason Mattox tells us the refi isn't a sign turmoil in the lending market is over: The building is unique because it's beating the average occupancy rate in Chicago and has a number of steadfast tenants (like Metra, whih runs the Rock Island District line out of the building, and the Buckingham Athletic Club). HFF found the lender, JP Morgan Chase, which financed $90M on the 90% leased 1.1M SF South Loop tower.|
Behrhringer Harvard's Chicago portfolio manager Michael Reilly tells us his firm is committed to Chicago, with a 4.4M SF office portfolio as well as mulitfamily in the city. He says Behringer has “great expectations” for Chicago because the city has a lot of potential for job growth. While Behringer Harvard has no specific plans to buy another building yet, it's reinvesting in its current buildings to get LEED and BOMA 360 certs.