The 601W Cos and Berkley Properties refinanced Prudential Plaza for $415M. The JV secured a 10-year loan from German American Capital and replaced $415M in CMBS debt.
The 2.2M SF office complex was valued at $317M in 2012. Its former owner, BentlyForbes Holdings, took out the loans in 2006 at the height of the previous market cycle. Prudential Plaza was valued at $525M at the time but ownership had little money to attract new clients.
SALES
CBRE’s Dan Cohen repped seller Banner Apartments in the closing of McDowell Place Apartments to TGM Associates for $65M. The property is a 400-unit multifamily development at 1647 Westminster Dr in Naperville (shown). TGM now owns 2,288 residential units in the Chicago market.
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HFF’s Michael Bennett, Phil Mahler and Evan Kovac repped Oak Street Real Estate Capital in the sale of a five-building medical office portfolio totaling 294k SF for $79M. The properties are in Ohio, Kentucky and Maine.
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First Western Properties' Paul Tsakiris and Mark Zeglen repped the sellers of 7000 S South Chicago Ave and 7001 S South Chicago Ave, in separate cash transactions. The properties were bank-owned and sold within days of re-securing the listings.
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Resurrecting Real Estate’s Alex Stoyanov repped the buyer of a multifamily property at 1443 Ashland in Des Plaines. The building contains 17 total units and at $1.9M is the largest multifamily sale in Des Plaines in 2015.
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Interra Realty’s Brad Feldman repped both the buyers and sellers of two Chicago multifamily properties for a total of $3M. A 22-unit courtyard building at 836-42 E 53rd in Hyde Park sold for $2.3M. A seven-unit building at 3249 W Potomac in Humboldt Park sold for $709k.
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Entre Commercial Realty repped Midwest Industrial in the closing of 640 Industrial Dr and 680 Industrial Dr in Cary, two industrial buildings totaling 159k SF. Rick Levin & Associates’ Rick Levin repped the seller.
LEASES
CBRE’s Mark Smith and Bill Saviski repped landlord McKnight Realty Partners in leasing 32k SF at 1100E Woodfield in Schaumburg (pictured) to Fullerton Engineering Consultants. McKnight has owned the 241k SF property since 2004. The space will serve as Fullerton’s new corporate HQ.
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Colliers’ Jonathan Kohn and Thomas Rodeno repped landlord Brennan Investment Group in leasing 40k SF at 1780 Birchwood in Des Plaines to Cambria Co. Cushman & Wakefield’s Britt Casey and Al Caruana represented Cambria.
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First Western Properties’ Paul Tsakiris and Kellen Duggan leased 4836 W Irving Park Rd to Elite Bartending School.
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JLL’s Kurt Sarbaugh, Robin Stolberg and Kris Bjorson repped Midland Paper in renewing its lease at Prologis’ Des Plaines Distribution Center, a 156k SF facility at 366 N Third in Des Plaines (shown).
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CBRE’s Brad Serot repped VisaNow in the lease of 30k SF at 230 W Monroe. VisaNow, a provider of online immigration services, relocated from 350 N LaSalle and signed an 11-year lease.
FINANCING
ASC's Igor Zhizhin repped Quest Realty in securing a $5.5M loan for a 24-unit apartment building in Old Town. A cash-out refinance was used to pay off the original construction loan and acquire a parcel for future development.
HIRINGS/PROMOTIONS
Equity Office named Eli Khouri to succeed Tom August as president and CEO, effective at the end of the month. Eli joins Equity from Kilroy Realty in Los Angeles, where he was CIO.
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Sperry Van Ness Auctionworks hired Rose Lucania as operations manager. She was previously a senior auction coordinator with Rick Levin & Associates. SVN also hired Andrew Benson and Sam Shah as auction advisers. Andrew will focus on commercial and residential real estate sales, while Sam will specialize in multifamily.
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KBS Capital Markets hired Stephen Gongola as VP. He’ll be based out of Lake Forest and will oversee operations in Illinois, Indiana and Wisconsin.
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Lara Keene joined Mid-America as VP, where she’ll focus on landlord and tenant representation.
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