CHICAGO--(BUSINESS WIRE)--Holliday Fenoglio Fowler, L.P. (HFF) announces $181.57 million in construction financing for the development of 333 North Green Street, a to-be-built, 548,932-square-foot, Class A office tower in the Fulton Market District of Chicago’s central business district.
The HFF team worked on behalf of the developer, Sterling Bay and institutional investors advised by J.P. Morgan Asset Management, to secure the floating-rate construction loan through Wells Fargo.
333 North Green Street will be a 19-story, Class A office tower with floor plates ranging from 13,634 square feet to 40,589 square feet, situated above 31,521 square feet of street level retail. Additionally, the best-in-class project will feature a 326-stall, four-floor parking garage on floors two through five of the property and market-leading amenities, including a 2,700-square-foot fitness center, 2,000-square-foot conference area and a 5,590-square-foot tenant lounge along with a private rooftop deck for tenant use. The LEED Silver certified building is 47.2 percent leased to GroupM and will serve as their North American headquarters as well as the regional headquarters for WPP, their parent company. 333 North Green Street is located in the Fulton Market District, which has become the city’s premier office submarket and a true live/work/play environment with numerous multifamily units and hotel keys under construction and access to many of Chicago’s popular and award-winning restaurants along Restaurant Row. The property benefits from a Walk Score® of 97 and a Transit Score® of 89 being situated just five blocks from both the Morgan Street and Grand Avenue “L” stations and a short distance from Ogilvie Station that provides commuter rail access.
HFF’s debt placement team included managing directors Timothy Joyce and Danny Kaufman and director Christopher Knight.
About Sterling Bay
Sterling Bay is a market leading real estate investment and development firm with expertise across the full spectrum of design, construction, leasing, asset management and hospitality. Sterling Bay's portfolio consists of over 10 million square feet and features award-winning adaptive reuse and build-to-suit headquarter projects for corporations like Google, Gogo, Uber and McDonald's Corporation. With a current pipeline of over $10 billion in development and a commitment to engaging communities, the firm is one of the fastest growing and well-respected organizations in real estate. For more information please visit www.sterlingbay.com.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $130 billion in assets under management and over 800 professionals (as of December 31, 2017), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: www.jpmorganassetmanagement.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.