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Overview

Bank of China provides a $500 million USD senior loan to a $600 million USD syndicated loan to 601W Companies for the Aon Center Acquisition Project

Commitments (Constant USD, 2023)$523,099,191
Commitment Year•2015Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 1, 2015
Start (planned)
Oct 1, 2015
Start (actual)
Oct 29, 2015
End (planned)
Oct 1, 2015
End (actual)
Oct 29, 2015
Last repayment (originally scheduled)
Oct 30, 2020

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to finance its $712 million USD acquisition of the Aon Center, a 83-story 2.7 million-square foot building on 3.5 acres at 200 East Randolph Street of the East Loop in Chicago, Illinois. More detailed locational information can be found at https://www.openstreetmap.org/way/64388609

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Blackstone Real Estate Debt Strategies (BREDS)

Receiving agencies

Private Sector

  • The 601W Companies LLC

Loan desecription

Bank of China contributes to $600 million USD syndicated loan to 601W Companies for the Aon Center Acquisition Project

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

In November 2015, a two-lender syndicate — the Bank of China (BOC) and Blackstone Real Estate Debt Strategies (BREDS) — entered into a $600 million USD syndicated loan agreement with The 601W Companies LLC — an American real estate company based in New York City, New York — for the Aon Center Acquisition Project. This loan was divided into a $500 million USD senior loan tranche provided by BOC and a $100 million USD mezzanine loan tranche provided by Blackstone. This loan carried a maturity period of five years with two one-year extension options. The proceeds were to be used by the borrower to finance its $712 million USD acquisition of the Aon Center, a 83-story 2.7 million-square foot building on 3.5 acres at 200 East Randolph Street of the East Loop in Chicago, Illinois, one of the tallest skyscrapers in the city. At the time of the acquisition, the building was 86% leased with tenants including anchor tenant Aon and other tenants KPMG, Microsoft, United Health Group, Integrys, the Federal Home Loan Bank of Chicago, JLL, AT&T, and Edelman. On July 16, 2015, 601W Companies entered into a binding contract to acquire Aon Center in Chicago from Piedmont Office Realty Trust Inc. for approximately $710 million USD. The acquisition was expected to close early in the fourth quarter of 2015. The acquisition was completed on October 29, 2015. In June 2018, JPMorgan Chase Bank and Brookfield Asset Management entered into a $677.5 million USD syndicated loan with 601W Companies to refinance the Aon Center.

Staff comments

1. It is plausible, if not likely, that the specific borrowing institution was a special purpose vehicle subsidiary of 601W Companies. This issue merits further investigation.