Located at 151 North Franklin, Chicago, Illinois
The John Buck Companies, Bank of the Ozarks, and HFF today announced the closing of a $233.3 million construction loan for the development of CNA Center, a Class A, 35-story, trophy office tower at 151 North Franklin in Chicago’s West Loop.
HFF worked on behalf of the developer, The John Buck Companies to place the construction loan with Bank of the Ozarks.
Designed by the internationally-acclaimed firms of John Ronan Architects and Adamson Associates, CNA Center will be the new world headquarters of CNA, a leading insurance organization and the principal subsidiary and operating company of CNA Financial. Additionally, the center will be the new national headquarters for Hinshaw & Culbertson LLP, an international law firm. The finished office tower will feature 807,137 rentable square feet and a 500-stall attached parking garage in addition to 34 lower-level parking stalls. The LEED Gold certified building will offer tenants column-free 25,000 square foot floor plates with uninterrupted views and an extensive list of building amenities. Building amenities will include a 4,200-square-foot rooftop terrace with bar, 10,000 square feet of landscaped exterior courtyards, professionally managed fitness center, a 250-seat conference center, restaurant, bike room, and café / coffee bar. The tower is currently under construction and will be completed in the summer of 2018. CNA Center’s location is in the heart of Chicago’s West Loop.
“It has been a pleasure to work with Bank of the Ozarks on behalf of The John Buck Companies. Both organizations are absolute best in class and have come together to plan and execute a landmark office development here in Downtown Chicago,” said Danny Kaufman.
“We experienced a very strong response from the capital markets to CNA Center. There have been very few new office towers built in this cycle and very strong tenant demand for new Class A+ space,” said Kavanau.
The HFF debt placement team representing the borrower was led by senior managing director Michael Kavanau and managing director Danny Kaufman.