A joint venture between 601W Cos. and David Werner Real Estate Investments has acquired 303 East Wacker Drive, a 30-story class A office property totaling more than 1 million square feet including a 282-space parking garage. Northwind Group provided a $62.5 million first mortgage for the acquisition. The loan was structured such that $32.5 million was advanced for the acquisition, with the remaining $30 million held back as good news facility for accretive future leasing costs. The property is located on the Chicago River in the East Loop submarket and is currently approximately 75 percent occupied with approximately five years of remaining lease term and has signed approximately 300,000 square feet of new leases since the pandemic, making it one of Chicago's best-performing office buildings by leasing volume.
The financing facilitated the acquisition from the existing lender via a deed in lieu of foreclosure from prior ownership Beacon Capital Partners. Given the borrower's
