A large office property located in Chicago’s River North neighborhood is now on the market for sale. The New York-based Blackstone Group, which owns several prominent properties in the city including the iconic 110-story Willis Tower, was unable to secure new financing and has decided to list this particular property for sale.
According to a report by Crain’s citing CoStar as a source, this move comes after Blackstone’s $310 million commercial mortgage-backed securities loan matured over the summer. JLL has been hired to market this more than 1.3 million-square-foot property at 350 N. Orleans Street with approximately 65 percent of its space currently leased out.
The mortgage for this property was transferred several months ago to special servicer Wells Fargo, who is now overseeing it on behalf of CMBS bondholders. This development follows a trend seen in Chicago where many properties are being sold at discounted prices due to slow growth in downtown office markets.
One such example is when Menashe Properties, a Portland-based real estate company acquired the 29-story tower at 230 West Monroe – marking one of biggest local commercial real estate sales within past year.Blackstone continues its significant presence and investments within Chicago despite selling off some assets recently.
