Construction loan arranged by HFF for development of 625 West Adams Street in Chicago’s West Loop
CHICAGO, IL – June 14, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a construction loan for the development of a 20-story, trophy office tower at 625 West Adams Street in Chicago’s West Loop.
HFF worked on behalf of the borrower, a partnership comprising USAA Real Estate Company and a joint venture between White Oak Realty Partners, LLC and Vanderbilt Investment Properties, an affiliate of CA Ventures. The construction loan was provided by Bank of the Ozarks.
Designed by internationally renowned architect Martin Wolf, FAIA, 625 West Adams will feature 438,837 square feet of office space and a 408-space parking facility. The project will have average floor plates of 31,500 rentable square feet, unobstructed 360 degree views of the city, open floor plans and an expansive 25’ high lobby with floor-to-ceiling glass. The LEED certified building will offer tenants an outdoor terrace on the 7th and top floor, fitness center with outdoor terrace access, seventh floor restrooms with shower stalls and changing areas, 2,500 rentable square feet of ground floor retail and a location directly across from a public park, a scarcity in downtown. 625 West Adams is situated in the heart of Chicago’s West Loop one block east of Chicago’s main highway, Interstate 90 and a few blocks west of both Union Station and Ogilvie Transportation Center providing commuter train access to the greater Chicago area.
The HFF debt placement team representing the borrower was led by managing director Christopher Carroll and senior managing director Trey Morsbach.
“We are very excited to be moving forward with the development of 625 West Adams,” said Casey Wold of Vanderbilt Partners. “A terrific execution of the construction financing was critical to our timing and icing on the cake for a first-class, new office building in the West Loop of Chicago.”
About USAA Real Estate Company
USAA Real Estate Company, with approximately $15 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, multi-family, retail and hotel properties, as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, please visit www.usrealco.com.
About White Oak Realty Partners
White Oak Realty Partners, LLC is a privately held, fully integrated acquisition and development firm focused on the investment and management of high net worth and institutional capital into targeted CBD and select suburban office, apartment, and retail investment opportunities. The principals of White Oak have collectively completed approximately $4 billion in transaction volume,
currently with White Oak and previously at Fifield Companies from 1996 to 2009. The following is a list of their relevant office and parking developments in the Chicago. Since its formation, White Oak has been responsible for over 2 million square feet of opportunistic and value-add office acquisitions in Chicago’s CBD and suburbs. Additionally, White Oak has developed over 1.5 million square feet of high-rise office and mixed-use residential projects.
About Vanderbilt Investment Partners
In 2014, Vanderbilt Partners along with several Principals within CA Ventures, joined forces to create a vertically-integrated real estate investment manager focusing on office investment and development opportunities in the country’s southeast, east and midwest markets. The firm is led by by Casey Wold who boasts an impressive resume over his 35+ year career in the real estate industry including a six year run as President of TrizecHahn Office Properties, and a senior leadership role at Tishman Speyer Properties overseeing the Midwest, Atlanta and Boston markets Between his tenure at Tishman Speyer and TrizecHahn, Casey was responsible for over 5.0 million square feet of office developments.. CA Ventures is led by Tom Scott who has developed a multi-faceted Real Estate Investment platform that specializes in both alternative real estate investments such as Student Housing and Seniors Housing as well as conventional asset classes such as Multi-family and Office (via Vanderbilt). Since 2004, Mr. Scott has overseen $10 billion in both strategic acquisitions as well as ground up development throughout North and South America.
Since forming Vanderbilt Investment Properties in 2014, the joint venture has acquired nearly 85 office buildings valued at $2.0 billion. .
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.