Thursday, July 31, 2014

HFF arranges $82.15 million refinancing for 444 North Michigan in Chicago’s central business district

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

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 |

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