CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announces $61.88 million in joint venture equity for the development of 845 West Madison, a 586-unit, luxury multi-housing project in Chicago’s West Loop/Fulton Street submarket.
The HFF team worked on behalf of the developer, Lendlease and The John Buck Company, to arrange the joint venture equity partnership with Intercontinental Real Estate Corporation.
845 West Madison is slated to welcome first move-ins in the summer of 2020 and will include two 17-story towers totaling approximately 720,000 square feet of residential space and 10,000 square feet of ground-floor retail along Madison and Monroe Streets. Located on the former H20+ Cosmetics site, the project will encompass an entire city block. The site is steps from many of the city’s Michelin-rated restaurants, some of the top nightlife destinations and a growing number of retail options. 845 West Madison is also a short walk to Chicago’s central business district with more than 46.3 million square feet of office space in the West Loop submarket. The transit-served development will provide residents with multiple connectivity points to the entire Chicagoland area. The project is just off Interstate 90/94 and within four blocks of two CTA “L” stations serving the green, pink and blue lines and CTA bus stops serving routes 8, 20 and 126.
Designed by GREC Architects, the podium-style project’s façade will pay homage to Fulton Market’s industrial history by incorporating classic masonry details at the street level ascending to modern glass at the top of the towers. Units will feature top-of-the-line finishes, including stainless steel appliances, gas cooktops, quartz countertops, ceramic tile backsplashes, floor-to-ceiling windows, engineered wood floors throughout, frameless shower doors, nine-foot ceilings, in-unit washers and dryers, and balconies in select units. Both towers will share a one-acre outdoor amenity deck, featuring expansive green spaces, two pools and a lounge area with grills and fireplaces. Additional community amenities will include a fitness center, yoga room, game room, resident lounge, coffee bar, demonstration kitchen, dog park, co-working space and a 278-stall parking garage.
The HFF equity placement team representing the developer included managing director Danny Kaufman, director Christopher Knight and associate Mary Dooley.
About The John Buck Company: Founded in 1981, The John Buck Company (“JBC”) has an established track record and reputation as a premier, vertically-integrated real estate investment, development and operating company focused on major U.S. urban markets. Since inception, JBC has made principal investments in assets comprising more than $6.8 billion of gross value and acquired, developed, or redeveloped over 42 million square feet of office, multifamily, residential and mixed-use properties. For more information, visit tjbc.com.
About Lendlease: Lendlease is a leading international property and infrastructure group with operations in Australia, Asia, Europe and the Americas. The company’s vision is to create the best places; places that inspire and enrich the lives of people around the world. Headquartered in Sydney, Australia, and listed on the Australian Securities Exchange, Lendlease has approximately 13,000 employees internationally. The company’s core capabilities are reflected in operating segments of Development, Construction and Investments. The combination of these three segments provides a sustainable competitive advantage and innovative integrated solutions for its customers. The integrated approach leads to expertise in infrastructure, design, development, investments and management to deliver a project from conception to completion. In the U.S., Lendlease Development brings over 60 years of global experience to bear in urbanization, communities and infrastructure development. Leveraging Urban Regeneration strategy, Lendlease is committed to delivering transformational projects in gateway cities that meet its vision To Create the Best Places, places to be enjoyed and celebrated – both today and in future generations. lendlease.com
About Intercontinental Real Estate Corporation: Intercontinental Real Estate Corporation (Intercontinental) is an SEC-registered investment adviser with deep expertise in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed and owned over $10 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $6 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit intercontinental.net for more information.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.