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| 401 North Michigan Avenue Chicago, IL |
CHICAGO, IL – HFF
announced it has arranged financing for 401 North Michigan Avenue, a 35-story, 758,131-square-foot Class A office
tower along Chicago’s “Magnificent Mile”.
HFF worked exclusively on
behalf of Zeller Realty Group (“ZRG”) to secure the five-year, floating-rate
loan through Blackstone Mortgage Trust.
Loan proceeds are being used to enhance the property over the next three
years.
401 North Michigan Avenue is
located along The Chicago River adjacent to the Chicago Tribune Tower, the
downtown campus of the University of Chicago’s Booth School of
Business/Gleacher Center and the Wrigley Building.
Express buses from both
Union and Ogilvie train stations serve the property; and given its location at
Michigan Avenue and the Chicago River, the property boasts some of the most
breathtaking views in downtown Chicago.
The property was
originally built in 1965 and is 81 percent leased to tenants including Kraft,
University of Chicago, MTV, and several significant family offices and fund
managers.
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| Mike Kavanau |
Building enhancements include a new lobby; a
19th floor amenity package featuring a tenant lounge with Wi-Fi, fireplace,
coffee station, and training and boardrooms; a new river and street level
restaurant concept, and a fitness center.
The HFF debt placement team
representing the borrower was led by senior managing directors Mike
Kavanau and Dave Keller and managing director Christopher Carroll.
“401 North Michigan Avenue is
one of the most iconic towers in Chicago, consistently featured as the center
of the city in print and television,” said Kavanau.
“With the renovation of
Wrigley, expansion of Northbridge, new addition of luxury hotels, and filling
in of the ‘missing link’ of Michigan Avenue south of the River, 401 North
Michigan Avenue is effectively the new nexus of the city,” added Carroll.
“It is exciting and
rewarding to be once again entrusted with the assignment to recapitalize 401
North Michigan, an asset that HFF financed with Zeller Realty Group’s
acquisition in 2001,” said Keller.
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
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