News
330 N. Wabash Financed
February 17, 2011
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| Prime Group Realty Trust has entered into a JV with an affiliate ofFive Mile Capital Partners for 330 North Wabash; Five Mile agreed to provide up to $75M of additional capital. The JV pays down $20Mof principal, extends the maturity date of the loan to Jan. 31, 2016, and modifies the future loan commitment so that $30M remains for TI and other costs. PGRT's Jeff Patterson says the first portion of the new capital will go to pay for improvements on the vacant 500k SF of the building, partially from Jenner and Block vacating in 2009. PGRT will have asbestos removed and fix the bathrooms so the floors look like new space. PGRT's Steve Baron says the 371k SF on the top 11 floors of the building is probably the biggest high-rise office space left in the city and will benefit from the amenities of the Langham Hotel going in on floors 2-13. |
