CHICAGO—Newmark Knight Frank has been engaged as the office leasing agent for 625 W. Adams, a new 438,184-square-foot, 20-story, office development in Chicago's West Loop, in partnership with White Oak Realty Partners and CA Office. The team was hired by the owners, a joint venture between White Oak, Vanderbilt Partners, CA Office and USAA Real Estate Co. “625 West Adams is strategically positioned to attract the sophisticated, corporate user that understands the economic and cultural benefits of being in a high-performance office building with efficient large floor plates and a full array of in-building amenities,” says John Dempsey of CA Office. The building will open in April and offer large, 32,000-square-foot office floor plates, 14-foot slab-to-slab, 10-foot finished ceilings, 360-degree views, three outdoor terraces, a wellness/fitness center, 1,000-person auditorium, tenant lounge with Fooda, conference center and a 400-car parking garage. NKF's Jon Cordell will lead the brokerage team with colleagues Bill Rolander and Jason Houze assigned to lease the office space.

CHICAGO—Westmount Realty Capital, a Dallas-based commercial real estate company, has decided to strengthen its newly formed regional office in Chicago by filling two key roles. Commercial real estate executive Laura S. Collins was hired as director of asset management and Deborah A. Hill, who has more than two decades of property management experience, will fill the role of senior property manager. Before taking on her role at Westmount, Collins was a commercial real estate consultant and broker at Collins Commercial Partners where she provided consulting and brokerage services to privately-held firms in Chicago. She was also the vice president of leasing and asset management at GE Capital Real Estate in Oak Brook, where she was responsible for the firm's 4.2 million- square-foot Midwest portfolio.

Prior to her role at Westmount, Hill was the general manager of the Schaumburg Corporate Center, a one-million-square-foot class A office campus consisting of six buildings on 43 acres of grounds. Prior to managing it for John Hancock Real Estate, she managed John Hancock's Midwest industrial portfolio, consisting of 27 properties, totaling 3.8 million square feet. Hill began her property management career with JLL in 1995 at the Chancellory in Itasca, later managing class A/B/C office and mixed-use warehouse properties for The Hearn Co. and Stahelin Properties. “Westmount has significantly grown its footprint in the Chicago and Midwest region over the past several years and having a strong team on the ground in the region has been a top priority for the firm,” says Clifford Booth, president and chief executive officer of Westmount.

DEALTRACKER

MILWAUKEE—Walker & Dunlop, Inc. has structured an $80 million non-recourse loan for 833 E. Michigan, a 359,000 square-foot, LEED Silver certified, class A+ office building in Milwaukee's CBD. Proceeds of the loan provided by PGIM Real Estate Finance were used to refinance the property's existing construction debt. Opened in 2016, the and 17-story lakefront property is one of the newest additions to the city's skyline and is the first significant multi-tenant office development in downtown Milwaukee in nearly a decade. The downtown area has seen an influx of tenants from the suburbs, and 833 East Michigan has consequently enjoyed a strong lease-up. Led by WI-based Jim Cope and Andrew Schoene, Walker & Dunlop's team structured the three-year, interest-only loan for the sponsor Irgens. The property has a strong collection of occupants, with PricewaterhouseCoopers, KPMG, Godfrey & Kahn, and Rare Steakhouse amongst them.

DETROIT— Bloomfield Hills, MI-based Income Property Organization has closed on a portfolio sale of two high-rise assets, The Franklin and 12 North Apartments, both located in Southfield, MI, a Detroit suburb. An international purchaser from Israel acquired the assets, using acquisition financing through Fannie Mae. The 374-unit portfolio has a 95% occupancy rate, and the purchaser plans to continue with current operations. Given the sales price of $30.6 million, or $81,818 per unit, the capitalization rate was 6.5%. The sale of the property closed within 3 ½ months of contract.