Tishman Restructures $1.4B Loan for Offices

CHICAGO-Tishman Speyer has reached an agreement with lenders, including the Federal Reserve Bank of New York, to restructure a $1.4 billion loan for five downtown office towers. The move was designed to allow Tishman to improve the properties, which include more than six million square feet in One North Franklin, 161 N Clark, 10 & 30 South Wacker, Civic Opera Building and 30 N LaSalle.

The agreement will enable ownership to fulfill all existing financial obligations and fund costs related to leasing and operation, Tishman said in a statement. The company will contribute $50 million to a $100 million pot for improvements and leasing. The loans are also extended until 2014.