This 117,000 square foot medical office building located in Chicago is the corporate headquarters of Midwest Orthopedics Group. Located on the Rush Campus in downtown Chicago, this state-of-the-art facility is the largest, most comprehensive medical office building ever constructed in Illinois of its time.
The building design paid special attention to environmental efficiency and responsiveness. An extensive green roof restores 50% of the site with adaptive vegetation, decreases 25% of storm water runoff and reduces the "heat island" effect. Recycled product for concrete, steel and wall board was used during construction and construction materials came from local manufacturers within 500 miles of Chicago to reduce fuel for transportation and emissions. Low-flow plumbing fixtures were installed throughout the entire building and low volatile organic compounds (VOC) paint and sealants were used.
Michael Sieman structured a 2-year forward non-recourse take-out financing commitment during the most difficult economic environments in recent U.S. history. Ten years of interest rate protection was provided through a derivative structure. In addition to the lack of liquidity in the capital markets, additional challenges to the financing included underwriting of an unsubordinated air-right lease on a condominium structure for a private owner-occupied to-be-built structure prior to an as-built survey.