LaSalle Provides funding for luxury multifamily/mixed-use development in Chicago’s Streeterville
CHICAGO June 24, 2015 – LaSalle Investment Management (“LaSalle”), a leading global real estate investment manager, today announced it has provided funding for the Optima II luxury multifamily development located at 220 E. Illinois St. in Chicago’s iconic Streeterville submarket. The development is the second phase of Optima Chicago Center, an adjacent apartment complex located at 200 E. Illinois St.
LaSalle Investment Management (“LaSalle”), a leading global real estate investment manager, today announced it has provided funding for the Optima II luxury multifamily development located at 220 E. Illinois St. in Chicago’s iconic Streeterville submarket. The development is the second phase of Optima Chicago Center, an adjacent apartment complex located at 200 E. Illinois St.
JLL secured LaSalle as a mezzanine debt and preferred equity partner on behalf of joint venture partners Optima Inc. and DeBartolo Development LLC.
“We are honored and excited to be once again contributing to the iconic Chicago skyline, one of the most beautiful in the world,” David Hovey, CEO, Optima Inc., said. “The design of Optima Chicago Center II has been inspired by its extraordinary site with panoramic views of Lake Michigan, the Chicago River and classic buildings as well as walkable access to Michigan Avenue. We have organized the tower around a granite paved landscaped plaza oriented to the south, creating a strong visual connection to the Chicago River beyond.”
Optima II plans call for a 55-story, 548,860 square foot, mixed-use building featuring a total of 490 luxury apartment units, 69 shared executive office suites, roughly 20,000 square feet of ground level retail space, and more than 350 parking spaces. The development will also feature a fitness center, indoor and outdoor invisible edge pools and spas, indoor basketball court, library, theater, dog park, café, putting green and golf simulator and offer direct interior access to a brand new Whole Foods.
Chris Akins, managing director, LaSalle, said: “Optima II presents a significant opportunity for LaSalle’s clients to position themselves in a strong Chicago apartment market. In addition, as one of downtown Chicago’s most dense and affluent neighborhoods, the Streeterville submarket provides a strong tenant base.”
Added Dave Hendrickson, managing director at JLL, “The Optima Chicago Center developments speak to the appetite for both luxury apartments and the ‘live, work, play’ ethos that’s pervading Chicago’s market. The onset of this second phase of development is a strong sign of confidence in multifamily product in the city.”
The Optima Chicago Center properties will total more than 800 units upon completion. JLL previously secured LaSalle as a financing partner in the development of the Optima Center.
About LaSalle Investment Management
LaSalle Investment Management, Inc. (together with its global investment advisory affiliates, “LaSalle”) is one of the world’s leading real estate investment managers. LaSalle on a global basis manages approximately $59.5 billion as of Q2 2018 of private and public equity and private debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
This information is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made by means of a private placement memorandum. Past performance is not indicative of future results.