 |
| 444 North Michigan, Chicago, IL |
CHICAGO, IL – HFF announced it has arranged an $82.15
million refinancing for 444 North Michigan, a 517,115-square-foot, core
office property in Chicago’s central business district.
HFF
worked on behalf of GLL Real Estate Partners to secure the floating-rate loan
with Blackstone Mortgage Trust.
444 North Michigan is located at the intersection of
Michigan Avenue and Illinois Street along Chicago’s Magnificent Mile, a
sought-after section of Michigan Avenue that runs from the Chicago River to Oak
Street in the Near North Side.
Renovated in 2000, the 33-story property is currently
undergoing additional renovations. It
is leased to tenants in the media, advertising and technology sectors,
including Comcast, Fox Entertainment, National Cable, Monster Worldwide and
Momentum. The ground floor contains
nearly 10,000 square feet of retail space.
The
HFF debt placement team was led by senior managing director Mike Kavanau
and managing director Stephen Skok.
 |
| Mike Kavanau |
“GLL has strategically invested capital into the property
that has had a positive impact on the property’s performance,” Skok said. “Also, the property has strong leasing
momentum and the occupancy should exceed 90 percent within a year.”
“444 North Michigan has an extremely valuable retail
component, which is currently available,” Kavanau added. “As the nexus of luxury retail continues to
move south on Michigan Avenue, this will appeal to many high end tenants.”
GLL Real Estate Partners GmbH (GLL) is a Munich-based real
estate fund management group with $7 billion under management.
Formed in 2000 as a joint venture between
Lend Lease Corporation and Italian insurance giant Assicurazioni Generali, GLL
is now majority-owned by its management team.
GLL currently manages 15 funds employing varying property strategies and
investing throughout western Europe, central eastern Europe, South America and
the United States.
 |
| Stephen Skok |
From offices in
Munich, Luxembourg, Budapest, Santiago de Chile, Mexico City, Orlando, New York
and San Francisco, GLL serves an investor group that includes pension funds,
insurance companies and sovereign entities.
Blackstone Mortgage Trust, Inc. (NYSE:BXMT) is a real estate
finance company that primarily originates senior mortgage loans collateralized
by properties in the United States and Europe.
The company is externally managed by BXMT Advisors L.L.C., a subsidiary
of Blackstone, and is a real estate investment trust traded on the NYSE under
the symbol “BXMT.” Blackstone Mortgage
Trust, Inc. is headquartered in New York City.
Further information
is available at www.bxmt.com.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
No comments:
Post a Comment