CHICAGO — A partnership between funds managed by Oaktree Capital Management LP and GlenStar Properties has received a $256 million loan to refinance 141 W. Jackson, a historic, 1.3 million-square-foot office tower in Chicago’s central business district.
Known as the Chicago Board of Trade Building, the 44-story skyscraper is the primary trading venue of the CME Group, a global markets company formed by a merger of the Chicago Board of Trade (CBOT) and the Chicago Mercantile Exchange.
JLL arranged the financing provided by a domestic financial institution. Ownership plans to allocate a portion of the loan proceeds toward future leasing.
The Chicago Board of Trade Building was originally constructed in 1930 for CBOT and was designated a National Historic Landmark on June 2, 1978. The building is a popular sightseeing attraction and has appeared in several films, including as the headquarters of Wayne Enterprises in “Batman Begins” (2005).
Ownership has maintained and updated the building with modern amenities and technology, including a 24/7 fitness center; video conference center; rooftop deck and game room; Ceres Café Bar and Patio; Cellars Market; and a tenant lobby with concierge services. The building is home to a roster of retail, banking, healthcare, legal and real estate industry tenants, among others.
“Oaktree and GlenStar have done a tremendous job transforming this architectural masterpiece into a competitive, modern landmark,” says Lucas Borges of JLL. “Positioned in the path of growth, CBOT is poised to capitalize on increased tenant demand as mega-developments redefine the surrounding area.”
The property is located in close proximity to West Loop South, a recently opened mixed-use district featuring numerous restaurants, bars, stores, hotels, apartments and office space.
Borges and Christopher Carroll of JLL arranged the loan for the borrower.
— Alex Patton