JBC Lands $233M Loan for Chicago’s CNA Center
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CNA Center Chicago
Chicago—The John Buck Co. can cross construction financing off its to-do list for CNA Center, the 810,000-square-foot Chicago office property that will house the new global headquarters of insurance organization CNA. With the assistance of commercial real estate and capital markets services provider HFF, JBC reeled in a $233.3 million loan from Bank of the Ozarks.
From a lenders’ perspective, JBC made all the right moves. Before breaking ground on the 35-story trophy office tower at 151 N. Franklin St. in Chicago’s West Loop, the well-regarded real estate operating company landed a lease commitment for 275,000 square feet from CNA, and signed a 100,000-square-foot lease agreement with Hinshaw & Culbertson LLP for the law firm’s national headquarters. And JBC picked the right location to build. The West Loop submarket is starving for trophy accommodations, owing to a sustained demand for modern and efficient office space, according to a report by commercial real estate services firm Savills Studley. CNA Center will answer the call; the property will have all the bells and whistles—4,200-square-foot rooftop terrace with bar included…
