$32M refinancing arranged for boutique office asset in Chicago
JLL Capital Markets led the financing efforts for 609 West Randolph, positioned at the nexus of Chicago’s West Loop and Fulton Market
CHICAGO, Nov. 13, 2024 – JLL Capital Markets announced today that it has arranged a $32 million refinancing for 609 West Randolph, a 15-story boutique office property totaling 95,000 square feet in Chicago, Illinois.
Working on behalf of the borrower, Vista Property, JLL placed the five-year, 7.23% fixed-rate loan with JP Morgan Chase & Co.
Completed in 2022, 609 West Randolph was designed with the next-generation workplace in mind. The building features touchless technology, cutting edge building systems and flexible floor plates ranging from 5,500 to 7,100 square feet. Building amenities include a penthouse lounge and conference room, green rooftop space and amenity terrace, offices with private outdoor terraces and a lobby design inspired by boutique hotels. 609 West Randolph is 93.5% leased to a diverse mix of 10 tenants, including Fetch Rewards, Buford Capital and NTT Data.
The property is positioned at the nexus of Chicago’s West Loop and Fulton Market neighborhoods offering immediate access to a variety of dining, nightlife, residential, shopping and hospitality options. West Loop has also become the preferred location for corporate tenants moving into the Chicago CBD and is home to numerous Fortune 500 companies and boutique startups across varying industries. 609 West Randolph offers tenants excellent transit access being located within walking distance of the Morgan/Lake station, the CTB bus line and a short drive to the Interstate 90/94 Expressway.
JLL’s Debt Advisory team representing the borrower was led by Managing Director Christopher Knight, Associate Matt Maksymec and analyst Katia Novi.
“With its thoughtful, hospitality driven-design and superb location, Vista was fortunate to have leased up 609 W Randolph’s 15 floors of new construction to an impressive and diverse roster of high-quality full floor users,” said Hymie Mishan, Principal, Vista Property. “Our tenants enjoy close proximity to the expressway, suburban train lines, CTA transit, the West Loop and especially Fulton Market. After over 250 tours and a completed lease-up we are pleased to refinance with JP Morgan Chase & Co, and grateful to all involved.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Vista Property
Vista Property is a third-generation family-owned private real estate investment firm with a continuously curated portfolio of urban retail, office, and multifamily investments. Vista utilizes a thorough underwriting approach, develop strong relationships, and firmly maintain a reputation as reliable owners and operators, ensuring the best results for everyone involved. Its generational approach and long-term focus aligns its interests with its neighbors, communities, tenants, agents, capital partners, banking relationships, and investors.