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Hines is taking a break from selling. The firm just formed a JV with Angelo, Gordon & Co. to recapitalize the Citadel Center in downtown Chicago in the largest restructuring to date of a CMBS loan.
The restructuring includes a $50M equity investment, which will be used in part to expand the building’s amenities, Commercial Property Executive reports.
“With the renovation, the building’s on-site amenity package will rival new construction buildings, and it will be the only trophy office tower with a private landscaped rooftop lounge,” says Angelo Gordon Director Ryan Klenovich.
Dearborn Capital Group sold the 1.5M SF tower after Citadel Investment Group cut its space by 100k SF, and law firm Seyfarth Shaw announced it will relocate to Willis Tower, leaving over 300k SF empty. [CPE]
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