CHICAGO—Prudential has provided a $300 million loan for 155 North Wacker, a 1.1-million-sq.-ft. office tower in the West Loop market.
The 10-year, fixed-rate loan refinances the property for the borrower, the John Buck Co, which developed it in 2009. Located on the northeast corner of Wacker Drive and Randolph Street, the property is 94.6 percent leased, is within walking distance of major public transportation lines and is just minutes from major highways that provide ready access to the surrounding suburbs. The 46-story building features a glass lobby, state-of-the-art technology including high-speed “smart” elevators, floor-to-ceiling windows, and conference and fitness centers.
Prudential also arranged a 12-yearm $125 million loan to AEW Capital Management to refinance West 8th Street, a 498,893-sq.-ft. office tower in Seattle. “Although the office sector has been slow to recover, high-quality transactions such as these have continued, particularly in major markets,” says Thomas Goodsite, a managing director with Prudential, in a statement. “We expect to do more of these types of deals as the economy continues to recover, and this sector will play a key role in helping us achieve our 2013 originations goals.”