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Major South Korean investor makes first foray into Chicago

Jones Lang LaSalle closes $218M sale and $115M financing of 225 W. Wacker


CHICAGO, May 17, 2013 — Jones Lang LaSalle’s Capital Markets experts today announced the entry of Mirae Asset Global Investments into the Chicago market with the South Korean-based investor’s purchase of 225 W. Wacker. 225 West Wacker Acquisition Company sold the 31-story Class A tower, located in the city’s prime West Loop submarket, for $218 million. Additionally, JLL secured $115 million in acquisition financing through Principal Real Estate Investors and Allianz Real Estate of America, who provided the 5-year loan.


Jones Lang LaSalle’s International Director Bruce Miller, Managing Director Jim Postweiler, and Vice President Nooshin Felsenthal led the sales team, while Executive Vice President Keith Largay, Managing Director Dave Hendrickson and Vice President Ian Russell led the financing efforts on this transaction. International Director Steve Collins provided international expertise.


“International investors seeking higher yields are setting their sights on Chicago, as core office assets in coastal markets are becoming more scarce and expensive. Chicago is starting to see the resurgence of cross-border investment, as evidenced by this transaction,” said Miller. “With significant new demand drivers in the Chicago CBD, the sale of 225 W. Wacker provided a tremendous opportunity for Mirae to make its debut here and purchase one of Chicago’s most prominent office buildings offering both strong historic performance and an impressive institutional-quality tenant roster.”

“This was a rare opportunity to secure financing for a top performing asset backed by strong ownership and a solid management platform,” said Largay. “The strength of the asset and its prime location on Chicago’s business corridor made this a compelling investment for Mirae Asset Global Investments and an excellent financing opportunity for Principal Real Estate Investors and Allianz Real Estate of America.” 

Constructed in 1989, 225 W. Wacker recently underwent an $8 million capital improvements program including lobby upgrades, elevator modernization, restroom and corridor renovations and an amenity floor that rivals new construction. The 650,812-square-foot property is currently 91 percent leased to tenants including Edwards Wildman Palmer, PPM America, Merrill Lynch, CBIZ, Booz & Co., True Partners Consulting and Apple.

 

 

 

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Jones Lang LaSalle 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 a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page. Bookmark it here:  http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/News.aspx
 
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
 
About Mirae Asset Global Investments
Mirae Asset Global Investments is one of the world's largest investment managers in emerging market equities (Investments & Pensions Europe, January 2013). With approximately 635 employees, including 137 dedicated investment professionals, Mirae Asset offers a breadth of emerging markets expertise. Mirae Asset's offices are located in Australia, Brazil, Canada, China, Colombia, Hong Kong, India, Korea, Taiwan, the U.K., the United States and Vietnam. Headquartered in Seoul, South Korea, the firm manages $58 billion in assets globally through a diversified platform to offer market-leading franchises in traditional equity and fixed income products, ETFs and alternative strategies, such as real estate, private equity and hedge funds. Mirae Asset Global Investments (USA) is focused on providing equity and fixed income investment advisory services to mutual funds, foreign investment trusts, and institutions. (www.miraeasset.com)
 
About Principal Real Estate Investors
Principal Real Estate Investors manages or subadvises $46.5 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
 
About Allianz Real Estate of America
Allianz Real Estate of America is the U.S. Hub for the global Allianz Real Estate organization, which acts as a principal on behalf of the Allianz Group insurance companies to make real estate equity investments and commercial mortgage loans. At year-end 2012, Allianz Real Estate had assets under management of $37 billion. Allianz Group is one of the five largest financial services companies in the world with over $2 trillion in global assets.  Allianz Real Estate of America, based in New York and Connecticut, has a portfolio of over $6 billion of commercial mortgage loans and $1.7 billion of equity investments and commitments diversified across over 30 metro markets and spanning office, multi-family, retail, industrial and medical office buildings.