330 N. Wabash Financed

Prime Group Realty Trust has entered into a JV with an affiliate ofFive Mile Capital Partners for 330 North Wabash; Five Mile agreed to provide up to $75M of additional capital. The JV pays down $20Mof principal, extends the maturity date of the loan to Jan. 31, 2016, and modifies the future loan commitment so that $30M remains for TI and other costs. PGRT's Jeff Patterson says the first portion of the new capital will go to pay for improvements on the vacant 500k SF of the building, partially from Jenner and Block vacating in 2009. PGRT will have asbestos removed and fix the bathrooms so the floors look like new space. PGRT's Steve Baron says the 371k SF on the top 11 floors of the building is probably the biggest high-rise office space left in the city and will benefit from the amenities of the Langham Hotel going in on floors 2-13.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories

Gaming & Leisure Stays Bullish On Bally's Casino Project Despite Delays

The Geo Group To Reopen 2,329-Bed Immigration Facility In Texas

What's At Stake For CRE In Tuesday's U.S. Midterm

From Pandemic Darling To Cautionary Tale: Pickleball Clubs Face A Reckoning After Betting Big On Retail Space

Morningstar Releases New Details On Over 350K SF In Q3 Office Leases

New Bears Stadium Proposal Floated For Bridgeport

Prologis To Develop 3.8M SF Industrial Park On Former Casino Site

Foundry Robotics Leaves San Francisco For New East Bay HQ

Tenant Rep Firm Expands To Philly, Hires Industry Veteran

$120M Ambulatory Center Planned For Suburbs: The Chicago Deal Sheet

Data Centers Lose The Top Spot, San Francisco Jumps 40 Places: 9 Takeaways From ULI's 2027 Outlook

Obama Center Shows Chicago Is Starved For Development