ING Underwrites, Closes $235.1M Acquisition Loan for Office Tower in Downtown Chicago

One South Dearborn is a 40-story, 828,528-square-foot office tower in downtown Chicago. Starwood Capital Group closed on its acquisition of the property on Jan. 24.

CHICAGO — ING Capital LLC has underwritten and closed a $231.5 million senior loan for the acquisition of One South Dearborn, an 828,538-square-foot office tower located in downtown Chicago’s Central Loop.

The borrower was Connecticut-based Starwood Capital Group. ING expects to syndicate a portion of the senior loan in the coming weeks. Deutsche Asset Management provided a $62.5 million mezzanine loan for the acquisition.

Hines developed the 40-story, Class A property in 2005. Law firm Sidley Austin has served as its anchor tenant since completion and recently renewed its lease. According to Crain’s Chicago, California-based Olen Properties was the building’s most recent owner. The sale closed on Jan. 24.

Designed by DeStefano Keating Partners Ltd., the property features amenities such as a fitness center, conference facilities, 8,000 square feet of retail space and a 170-space parking garage. A 16,000-square-foot plaza fronts Dearborn Street and provides entry into the three-story lobby.

“The opportunity to finance One South Dearborn was welcome given the quality of the property and the strength of downtown Chicago’s office market,” says Craig Bender, head of capital markets at ING. “This market has seen a significant increase in demand in recent years due to urban migration from the suburbs.”

ING Capital is a subsidiary of New York-based ING Financial Holdings Corp.

Taylor Williams

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