MetLife has placed a $385 million loan to refinance the Hyatt Center office building in Chicago, Illinois.
The borrower, Irvine Company, purchased the asset back in December 2010 for $625 million, assuming about $324 million in securitized debt tied to two Wachovia securitizations that had refinanced the property in November of 2005 — part of a wave of hundred-of-billions of dollars worth of 10-year loans coming due in the coming years.
The 48-story, 1.5 m sq ft steel and glass office property, completed in 2005, is leased to hospitality, legal, financial services and technology companies, including The World Headquarters for Hyatt Hotels and law firm Mayer Brown, LLP, as well as regional offices for Citizen, RBS, Goldman Sachs, and IBM.
The building, designed by Henry Cobb of Pei Cobb Freed & Partners, sits at 71 South Wacker Drive in the West Loop submarket.
It’s not the first time MetLife has refinanced a Hyatt-branded property, having in November of 2012 placed a $90 million, five-year loan to refinance the Hyatt Regency hotel property in La Jolla, California.
In May, Blackstone provided an $83m acquisition loan to Highgate Hotels and The Meridian Group for the acquisition of the Hyatt Regency in Bethesda, Maryland, as Real Estate Capital first reported.
MetLife declined to comment on the Chicago deal.