Firm that loves secondary office markets scores $88M refi in Chicago

Florida-based office landlord Accesso Partners secured debt on tower at 230 West Monroe Street

Ariel Bentata, the founding and managing partner of Accesso and 230 West Monroe Street (Credit: Accesso)
Ariel Bentata, the founding and managing partner of Accesso and 230 West Monroe Street (Credit: Accesso)

UPDATED, 1:39 p.m., Dec. 19: Accesso Partners just landed a huge refinance loan on their 29-story office tower at 230 West Monroe Street.

The Florida-based office landlord secured $87.6 million on their West Loop office tower, with debt provided by Morgan Stanley, documents show.

Accesso, formerly known as Beacon Investment Properties, purchased the 624,000-square-foot building for $122 million in July 2014. Since they took ownership, the tower has undergone multiple renovations including a lobby face-lift and elevator modernization, funded by other loans Accesso has secured over the years.

GE Capital Real Estate issued the company a $79.8 million loan in July of 2014 when they purchased the building. Two years later, Starwood Property Mortgage gave them a $116 million loan.

According to a Cushman & Wakefield listing, asking rates for available office space range between $34 and $39 a foot.

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Accesso also owns the office tower next door at 200 West Monroe property, and together the complex is known as Monroe Plaza. The firm could not immediately be reached for comment.

In July, the landlord said that over six months it had added over 125,000 square feet of new leases at Monroe Plaza. Accesso also owns 20 North Clark, a 36-story office tower that spans 393,000 square feet.

A top executive for Accesso, which owns 35 office properties across the country per its website, told Bisnow last year that the company wants to take its 14 million-square-foot portfolio up to 25 million square feet over the next six or seven years. Accesso raises funds between $75 million and $125 million primarily from high-net-worth individuals from Latin America, the executive, Brian Rosen, told the outlet.

Accesso, which entered into a joint-venture with Swiss investment manager Partners Group on 8 properties last year, tends to avoid markets like New York and San Francisco in favor of high-growth secondary markets such as Austin, Raleigh, South Florida and Denver, Rosen told Bisnow.

Though the market for investment sales in Chicago has been ice-cold, strong job creation figures and corporate relocations from the suburbs has helped boost rents and reduced vacancy at Class-A buildings.

Correction: A previous version of this story provided an incorrect number of office properties in Accesso’s portfolio.