$77.5 Million Non-Performing Office Loan
US - Washington, DC
A$115,413,000 | 28,508 m²
Jones Lang lasalle (Illinois), L.P. (“JLL”), as the exclusive advisor, presents the opportunity to acquire the 100% fee simple interest in 311 South Wacker (the “Property” or “Opportunity”), a rare combination of trophy asset quality, institutional tenancy and an exceptionally well located office building within Chicago’s West Loop. Originally built in 1990, the 61% leased, 65-story class A office building spans over 1,313,000 rentable square feet (“RSF”) and represents an opportunity to acquire a Wacker Drive asset at a substantial discount to replacement cost. With over 4 years of remaining weighted average lease term (“WALT”), the Property offers durable in-place cash flow while providing an investor the opportunity to substantially increase NOI through lease up of nearly 445,000 square feet. Rising above the east bank of the Chicago River on the prestigious Wacker Drive, 311 South Wacker’s location boasts unrivaled views and transportation advantages, conveniently linking the Property to talent in both the city center and suburbs. With nearly $38 million of capital invested since 2014, ownership has meticulously maintained and transformed the Property, modernizing building systems and developing amenities. Paired with its Wacker Drive location and high quality amenity offerings, 311 South Wacker offers investors the exceptionally rare opportunity to create value through strategic lease up and marking current tenants to market upon expiration.