Wanxiang America Real Estate Group, the investment arm of Chinese auto parts manufacturer Wanxiang Group and owner of Prudential Plaza, has successfully negotiated a two-year extension on its $389 million mortgage. According to a report by Crain’s, the agreement extends the maturity date to 2027 with an option for further extension until 2029.
The iconic office complex, located at 130 East Randolph Street and spanning over 2.3 million square feet across two towers, was acquired by Wanxiang in 2018 for $680 million. The company had been in talks with CW Capital – its lender – to modify loan terms.
As per Crain’s reportage, Wanxiang plans to invest more than $50 million into revamping the complex. This includes adding a rooftop deck on One Prudential Plaza connected via glass walkway to Two Prudential Plaza Tower. Additionally,the vacant eleventh floor of Two Prudential Plaza will be transformed into a state-of-the-art conference center and entertainment area featuring amenities such as bar,lounge,and co-working space.Renovations will also include recreational facilities like pickleball court and putting green along with an upgraded bar area offering stunning views overlooking Millennium Park.
This development marks yet another milestone for one of Chicago’s most prominent commercial properties under new ownership.
