Magazine article Mortgage Banking

Anglo Irish Bank Provides $93 Million to Fund Chicago Building Acquisition

Magazine article Mortgage Banking

Anglo Irish Bank Provides $93 Million to Fund Chicago Building Acquisition

Article excerpt

Anglo Irish Bank, Dublin, Ireland, announced it has provided $92.9 million in acquisition financing to a joint venture between a syndicate of Irish-based private clients of the bank's Wealth Management Division and Chicago-based Golub & Company to purchase Chicago's 625 North Michigan Ave., a class-A office tower with ground-floor retail space.

Golub & Company and Irish investors purchased the property from BPG Properties Ltd., Yardley, Pennsylvania, and Chicago-based Jones Lang LaSalle represented the seller and brokered the transaction.

The building was developed in 1970 by Golub & Company's predecessor firm, and Golub & Company has held an ownership position in and managed the building since its completion. The building also serves as the company's corporate headquarters, according to Michael Newman, president and chief executive officer of Golub & Company.

"Anglo Irish Bank is an excellent partner and astute investor," said Newman. "We both recognize that this building has always been a great performer, and will continue to improve along with the exciting and dynamic North Michigan Ave. market."

Located in the center of Chicago's internationally renowned "Magnificent Mile," the 27-story, 338,269-square-foot tower is 94 percent leased and houses 50 office and retail tenants, according to Tony Campbell, president and chief executive officer of Anglo Irish Bank Group. …

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