$233.3 million construction loan arranged by HFF for development of CNA Center in Chicago’s West Loop
CHICAGO, IL – August 1, 2016 – Holliday Fenoglio Fowler, L.P. (HFF), in conjunction with The John Buck Company and Bank of the Ozarks, announced today the closing of a $233.3 million construction loan for the development of CNA Center, a Class A+, 35-story, trophy office tower at 151 North Franklin in Chicago’s West Loop.
HFF worked on behalf of the developer, The John Buck Company, to place the construction loan with Bank of the Ozarks.
Designed by the internationally-acclaimed firms of John Ronan Architects and Adamson Associates, CNA Center will be the new world headquarters of CNA, a leading insurance organization and the principal subsidiary and operating company of CNA Financial. Additionally, the center will be the new national headquarters for Hinshaw & Culbertson LLP, an international law firm. The finished office tower will feature 807,137 rentable square feet and a 500-stall, attached parking garage in addition to 34 lower-level parking stalls. The LEED Gold-certified building will offer tenants column-free, 25,000-square-foot floor plates with uninterrupted views and an extensive list of building amenities, including a 4,200-square-foot rooftop terrace with bar, 10,000 square feet of landscaped exterior courtyards, professionally-managed fitness center, 250-seat conference center, restaurant, bike room and café/coffee bar. The tower is currently under construction and will be completed in the summer of 2018. CNA Center’s location is in the heart of Chicago’s West Loop.
The HFF debt placement team representing the borrower was led by senior managing director Michael Kavanau and managing director Danny Kaufman.
“It has been a pleasure to work with Bank of the Ozarks on behalf of The John Buck Companies,” Kaufman said. “Both organizations are absolutely best in class, and have come together to plan and execute a landmark office development here in downtown Chicago.”
“We experienced a very strong response from the capital markets to CNA Center,” Kavanau added. “There have been very few new office towers built in this cycle and very strong tenant demand for new Class A+ space.”
About The John Buck Company
Founded in 1981, The John Buck Company has established a track record and reputation as a premier, vertically-integrated real estate operating company focused on major U.S. urban markets. Since inception, the company has successfully completed over $10.5 billion of real estate transactions and acquired, developed or redeveloped over 41 million square feet of office, high-rise residential, hotel, retail and mixed-use properties. After more than 30 years of shifting ahead of the curve and redefining boundaries, The John Buck Company is writing the next chapter. Learn more at www.tjbc.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.