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.

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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

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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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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

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