Riverside JV looks to recap or sell 1.2M sf West Loop office tower
The developer and Wanxiang American Real Estate could get $900M for the building at 150 North Riverside Plaza
A Riverside Investment & Development joint venture is looking to recapitalize or cash out of its 1.2 million-square-foot West Loop office tower.
Riverside Investment and Wanxiang American Real Estate, which developed the 54-story building at 150 North Riverside Plaza, are looking to sell a 49-percent interest in the property, according to Real Estate Alert. The joint venture is also considering selling the entire tower, which could fetch around $900 million, according to the report. At about $750 per square foot, that would make it among the most expensive office property sales in Chicago history, Crain’s reported.
In December 2018, the joint venture snagged a $470 million loan on the tower from Pacific Life Insurance Company, the second time it had refinanced the property in just over a year.
One of the biggest office sales of last year was the $412 million trade for 500 West Monroe Street. That building is 967,000 square feet, penciling out the deal at $426 a foot.
JLL is marketing the 150 N. Riverside property for the joint venture.
Riverside has been busy with large-scale development projects including the 1.5 million-square-foot BMO Tower development. Wanxiang is also a player to the downtown market. The firm, led by investor Larry Krueger, is an investor in the Union Station tower and is financing the massive high-rise, One Chicago Square. [REA] — Jacqueline Flynn