CHICAGO — The Chicago office of Holliday Fenoglio Fowler has assisted in securing $394.6 million in construction financing and joint venture equity for the renovation of 208 South LaSalle, a 21-story office tower located in Chicago. The project’s developer, UST Prime III Joint Venture Ltd., is a joint venture involving Reschke Chicago Partners, an affiliate of The Prime Group and an affiliate of Estein & Associates. Construction financing totaled $271.6 million, and was provided by Union Labor Life Insurance Co., Private Bancorp and Capri Capital Partners. Estein and Prime capitalized the joint venture with $123 million of equity capital.
Renovations to the historic building, which formerly served as a multi-tenant office property, will include the construction of a luxury JW Marriott Hotel on the lower 12 floors. It is expected to include 610 rooms and suites; 48,000 square feet of ballroom and meeting space; and a 20,000-square-foot spa and health club. The hotel will be operated and managed by Marriott International, and is scheduled to open early 2010. Renovations will also be performed to the top nine floors of the building, which will remain office space, as well as the 18,000 square feet of ground-floor retail space. The office component is scheduled for completion early 2009.
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