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

TRD CHICAGO /
Dec.December 18, 2019 01:00 PM
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.

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. 


Related Articles

arrow_forward_ios
Thomas Roszak and 145 S. Wells (Credit: Cgarner123 via Wikipedia and 145 South Wells)

Spec Loop office project developers land White Claw producer as latest tenant

Spec Loop office project developers land White Claw producer as latest tenant
CareerBuilder CEO Irina Novoselsky and 200 N. LaSalle (Credit: Google Maps)

CareerBuilder plans to sublet its entire Chicago HQ

CareerBuilder plans to sublet its entire Chicago HQ
Groupon space at 600 W. Chicago, Groupon interim CEO Aaron Cooper (Credit: Sterling Bay and Groupon)

Groupon looks to sublet huge office space at Sterling Bay-owned building

Groupon looks to sublet huge office space at Sterling Bay-owned building
The Chicago office leasing market was strong in the first quarter of 2020, but the good times appear to be over. (Credit: Unsplash)

In the age of Coronavirus, Chicago real estate’s biggest bright spot fades

In the age of Coronavirus, Chicago real estate’s biggest bright spot fades
Uber CEO Dara Khosrowshahi and the Old Post Office at 433 West Van Buren Street (Credit: Khosrowshahi by Vipin Kumar/Hindustan Times via Getty Images; Google Maps)

Ride canceled: Uber pauses construction at Old Post Office

Ride canceled: Uber pauses construction at Old Post Office
Managing director of Wanxiang American Real Estate Larry Krueger and CEO of Riverside Investment & Development John O’Donnell

Riverside JV looks to recap or sell 1.2M sf West Loop office tower

Riverside JV looks to recap or sell 1.2M sf West Loop office tower
Sales of office, apartment, hotel and industrial buildings dropped by 50 percent in 2019.

Investment sales activity cratered in Chicago in 2019

Investment sales activity cratered in Chicago in 2019
BMO Tower at 320 S. Canal St. & Riverside’s John O’Donnell

Another law firm inks big deal at BMO Tower

Another law firm inks big deal at BMO Tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...