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| 1KFulton, West Loop, Chicago, IL |
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| Mike Kavanau |
CHICAGO, IL – HFF announced it has secured $220 million in
financing for 1KFulton, a 531,194-square-foot, Class A mid-rise office
and retail development to be anchored by Google in Chicago’s West Loop.
Working on behalf of Sterling Bay, HFF placed the floating-rate loan
with Mesa West Capital. Loan proceeds
were used to retire existing debt and fund remaining project costs.
Originally constructed in 1923, 1KFulton is a 10-story office building
that is being converted from the Fulton Market Cold Storage facility. The conversion was substantially completed
by the end of 2014.
Building amenities include an on-site fitness center,
rooftop deck, on-site ZipCars, secure bike room, on-site auto detailing,
on-site bicycle detailing/repair and a 156-space basement parking garage
featuring electric car charging stations.
Committed tenants include Google, which has leased 357,928
square feet; SRAM; Sandbox Industries and BOKA restaurant group. The building is located at 1000 West Fulton
on approximately 1.737 acres and occupies an entire city block in the Fulton
Market District, which is experiencing rapid growth.
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| Timothy Joyce |
1KFulton is on the north side of West Fulton bounded by West
Carroll Avenue to the north, North Carpenter Street to the west and North
Morgan Street to the east. The asset is
one block north of the Chicago Transit Authority’s Morgan/Lake station.
The HFF debt placement team representing the borrower was
led by senior managing director Mike Kavanau, managing director Timothy
Joyce and real estate analyst Christopher Knight.
“1KFulton is a truly transformative asset for the West
Loop,” Kavanau said. “In fact, it
showed up on every real estate player’s radar screen when talking about any
asset within a radius of a few miles.
" Google’s significant commitment to the location was noted in nearly
every offering memorandum and committee presentation in the past couple of
years.”
“This is an exceptional physical asset, and the tenancy is
second-to-none in Chicago,” Joyce added.
“As a result, the loan opportunity was hotly competed, with interest
from a dozen marquis lenders.”
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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