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540 West Madison Owners Seal $400M Refinance

Chicago Office

While the suburban office market is heating up with sales activity, things in the CBD are holding steady as building owners either wait for the best offer, or seek to pull more money out of their holdings. The investor team that owns 540 West Madison, after floating a possible sale of the asset, decided instead to cash out big time.

The JV led by Third Millennium Group finalized a $400M refinancing on the 1.1M SF building, a move that more than doubles its debt. The Third Millennium-led team bought the asset in 2012 for $350M, a sale that was the largest of that year, according to Crain's.

The ownership team finalized the loan with Goldman Sachs for a 10-year term. It replaces a $235M loan from German American Capital that backed the original acquisition. [Crain's]