Vornado Closes $675M Refi of Iconic Chicago Building
By
theMART, Chicago
by Bogdan Odagescu
Chicago—Vornado Realty Trust recently announced it has completed the $675 million refinancing of theMART building in Chicago. The five-year, interest-only loan has a fixed rate of 2.7 percent. Vornado realized approximately $124 million in net proceeds after repaying the existing 5.57 percent, $550 million loan and closing costs.
Also known as Merchandise Mart, the iconic art deco building located at 222 Merchandise Mart Plaza totals 4.2 million square feet of space, including approximately 3.6 million rentable square feet. After being owned by the Kennedy family for more than half a century, theMART was purchased by Vornado in 1998 as part of a $625 million portfolio acquisition. According to Crain’s Chicago Business, experts now estimate the building’s worth at more than $1 billion…
