JLL arranges $256m refinancing for iconic Chicago office tower

JLL arranges $256m refinancing for iconic Chicago office tower
Photo:Courtesy of JLL

JLL Capital Markets has arranged a $256 million refinancing for 141 W. Jackson, an iconic, 1.33-million-square-foot office tower situated at the doorsteps of Chicago’s LaSalle Street Corridor that comprises the 44-story North Building and the 22-story South Building.

JLL worked on behalf of the borrower, a partnership between funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and GlenStar Properties, to secure debt financing through a domestic financial institution. Ownership has successfully instituted a spec suite program and plans to allocate a portion of the loan proceeds toward future leasing.

Known as the Chicago Board of Trade Building (“CBOT”), 141 W. Jackson is proximate to West Loop South, the new epicenter of a live-work-play district offering restaurants, bars, shopping, hotels and residential and office space.

READ ALSO : JLL arranges $870m construction loan for Boston’s South Station project

JLL Managing Director Christopher Carroll and Director Lucas Borges represented the borrower.

“It’s been an absolute privilege to work with the GlenStar and Oaktree team on this special property in Chicago,” Carroll said. “While the remarkable history of this building is well known, the real story here is a next generation icon resulting from the transformative renovations ownership has made.”

“Oaktree and GlenStar have done a tremendous job transforming this architectural masterpiece into a competitive, modern landmark,” Borges added. “Positioned in the path of growth, CBOT is poised to capitalize on increased tenant demand as mega-developments redefine the surrounding area.”