HFF arranges $181m construction loan for US office tower

WCN Editorial Team 30 Apr 2018 NORTH AMERICA BUILDINGS

US-based Holliday Fenoglio Fowler (HFF) has arranged $181.57m construction loan through Wells Fargo for Sterling Bay for the development of 333 North Green Street, a 548,932ft², Class A office tower, in the Fulton Market District of Chicago’s central business district.

The HFF team worked on behalf of Sterling Bay and institutional investors advised by JP Morgan Asset Management, to secure the floating-rate construction loan.

The 333 North Green Street will be a 19-storey, Class A office tower with floor plates ranging from 13,634ft² to 40,589ft², situated above 31,521ft² of street-level retail.

In addition, the project will consist of a 326-stall, four-floor parking garage on floors two through five of the property and several amenities, including a 2,700ft² fitness centre, 2,000ft² conference area and a 5,590ft² tenant lounge, along with a private rooftop deck for tenant use.

The LEED Silver-certified building is 47.2% leased to GroupM and will serve as its North American headquarters as well as the regional headquarters for WPP, its parent company.

The 333 North Green Street project is located in the Fulton Market District, which has become a premier office submarket and a live/work/play environment.

It has several multi-family units and hotel keys under construction, in addition to access to many of Chicago’s famous restaurants along Restaurant Row.

The property has a Walk Score of 97 and a Transit Score of 89, being situated five blocks from both the Morgan Street and Grand Avenue ‘L’ stations and a short distance from Ogilvie Station that provides commuter rail access.

The debt placement team of HFF included managing directors Timothy Joyce and Danny Kaufman and director Christopher Knight.

Sterling Bay is a real estate investment and development firm that is involved in design, construction, leasing, asset management and hospitality with a portfolio of more than 10 million ft² featuring adaptive reuse and build-to-suit headquarter projects for corporations such as Google, Gogo, Uber and McDonald’s.

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