CBRE Global lands $230M refi on Grant Thornton Tower

The 50-story office tower was acquired for $331M; last year it went on the market

Nov.November 07, 2018 02:06 PM

Ritson Ferguson, CEO of CBRE Global Investors, The Grant Thornton Tower, 161 North Clark Street

CBRE Global Investors secured a $230 million loan on the Grant Thornton Tower in the Loop, adding about $45 million to its debt on the property at 161 North Clark Street.

Société Générale provided the loan, according to Cook County property records.

CBRE and a consortium of investors led by Korea Post bought the 50-story tower for $331.3 million in 2013, records show. At the time, the group took out a $185.3 million acquisition loan on the property from Met Life.

Last year, HFF was hired to sell the tower, previously called the Chicago Title & Trust Center. The property was expected to fetch as much as $400 million, Crain’s reported at the time.

The 1.07 million-square-foot office building, completed in 1992 and designed by architect Kohn Pederson Fox, is anchored by Accenture and GE Capital Rail Services.

CBRE Global Investors claims more than $101 billion in global real estate assets, according to its website.

CBRE is also the property manager for the Boeing headquarters at 100 North Riverside Plaza, where the Netherlands-based HERE Technologies to a 275,000-square-foot lease.

High-rise office landlords in the Loop have taken in billions in new loans so far this year, led by the Blackstone Group’s $1.3 billion refinance of the Willis Tower and the 601W Companies’ $678 million loan for the Aon Center.

A spokesperson for CBRE said on Wednesday that the loan would help finance renovations including elevator upgrades and a new fitness center.

Late last month, the company announced it was launching its own co-working firm, called Hana.

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