CHICAGO-Irvine, CA-based Thompson National Properties LLC has been hired by 35 tenant-in-common owners to manage 123 N. Wacker Dr. in downtown Chicago.
In addition to taking over management responsibilities, TNP negotiated a loan modification of the two mortgage loans totaling $135 million.
The 540,676-square-foot 30-story class A high-rise is approximately 80% occupied. Major tenants that include: Houlihan, Lokey, Howard and Zukin; Morton International; Meckler, Bulger and Tilson; and Wells Fargo Bank.
Tony Thompson, CEO of TNP, tells GlobeSt.com that the class A office market in Chicago “continues to migrate to West Loop and Wacker and that bodes well for 123 N. Wacker.” He could not disclose building lease information at this time.
“It's a great opportunity to bring the TNP management style to 123 N. Wacker,” says Darryll Goodman, senior vice president of asset management at TNP, and asset manager at 123 N. Wacker.
According to John C. Moffat, one of the owners of 123 North Wacker, “TNP has been an excellent partner with property ownership in our effort to attain long-term and short-term viability for our investment.” Moffat adds that “This was a complex and lengthy transaction with a lot of moving parts.”
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