Jones Lang LaSalle Raising $300M for Office Tower

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CHICAGO-Mesirow Stein Real Estate Inc. has begun raising money to build its 1.1-million-sf, 40-story office building at 351 N. Clark St., which they will co-anchor with Jenner & Block. The developer has hired Jones Lang LaSalle to raise more than $300 million needed to construct the building north of the Chicago River.

“The financing options available are truly global in today’s market,” says Jones Lang LaSalle managing director Bart Steinfeld, leading the capital-raising effort with Dave Hendrickson of the company’s real estate investment banking team. “The availability of capital is abundant. In fact, we expect there to be more capital available in ‘06 than there was in ‘05–and 2005 was a record year.”

Mesirow Stein Real Estate and law firm Jenner & Block are combining to take 700,000 sf, leaving Jones Lang LaSalle to lease the remaining 400,000 sf in the building between Clark and Dearborn streets, south of Kinzie Street. In addition, plans for the building include 30,000 sf of retail space. Construction is expected to be completed in 2009.