CHICAGO—Multi-Employer Property Trust has gained $105 million in financing for the 45-story 200 West Madison office tower from Prudential Mortgage Capital Co.
The trust purchased the 928,000-sq.-ft. tower from a venture that included Tishman Speyer and Pearlmark Real Estate Advisors LLC for $218 million in mid-2011. The new 10-year, fixed-rate loan is a first mortgage for MEPT on the property. The building includes about 70 office tenants.
“This building’s quality and central location, combined with the quality of the sponsorship, made this transaction extremely attractive,” said Sarah Teunis, a director with Prudential who led the transaction in partnership with Bryan McDonnell. Bentall Kennedy advised the trust on the loan. Dave Hendrickson and Keith Largay with Jones Lang LaSalle arranged the transaction.