Carlton plays $780m role in Sears Tower turnaround.The Carlton Group Chairman Howard L. Michaels announced that another major step in the miraculous mi·rac·u·lous adj. 1. Of the nature of a miracle; preternatural. 2. So astounding as to suggest a miracle; phenomenal: a miraculous recovery; a miraculous escape. 3. turnaround of Chicago's iconic i·con·ic adj. 1. Of, relating to, or having the character of an icon. 2. Having a conventional formulaic style. Used of certain memorial statues and busts. Sears Tower Sears Tower, Chicago, the world's third tallest building. Until the opening of the 1,483-ft (452-m) Petronas Towers (1997) in Kuala Lumpur, Malaysia, it was the world's tallest building. Constructed from 1970 to 1974 for Sears, Roebuck & Co. has taken place, as Carlton has arranged a $780 million, ten-year, fixed rate refinancing Refinancing An extension and/or increase in amount of existing debt. of this world-class, trophy asset. The $780 million refinancing signals the resurgence of this outstanding asset, and caps off a very active period which witnessed the ownership renewing several large, long-term credit anchor tenants. In addition, over 100,000 square feet of new leases have been completed in the last 45 days. With the Chicago market continuing to gain momentum over the last year, many corporate users looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. space have been convinced that Sears Tower is unrivaled in the amenities it offers its tenants. This major loan and $1.2 billion valuation loan is a major coup for this 4.5 million square foot tower, and comes on the heels of major lease renewals with law firm Schiff Hardin & Waite, global financial service giant Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. for approximately 180,000 sf, and law firm Latham & Watkins for more than 120,000 sf. In addition, law firm Segal McCambridge recently signed a new 60,000 sf lease, and in a show of confidence, longtime anchor tenant Ernst & Young, which already leases over 300,000 sf in the building, recently expanded its presence in the building by taking additional expansion space. The Carlton Group arranged this financing on behalf of the owners. Carlton has been on a tear in the Chicago market, where the firm has completed approximately $2 billion of recent transactions. |
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