$151.3 Million Non-Performing Office Loan | Chicago, IL
70,771 m²
Jones Lang LaSalle (Illinois), L.P. (“JLL”) as exclusive advisor, is pleased to present the opportunity to acquire the 100% fee simple interest in Two Pierce Place (the “Property", "Two Pierce", or "Building"), a 518,857 RSF Class A office building situated within the idyllic Hamilton Lakes Business Park. The fully-amenitized and renovated asset has benefited from over 300,000 RSF of recent leasing over the last 24 months bringing occupancy to 72.4%. Two Pierce features 8.3 years of remaining weighted average lease term (“WALT”), providing a fantastic runway of cash flow towards continuation of the leasing plan and stabilization. The business plan is aided by a $29 million renovation to amenities, lobby, common corridors and restrooms and building infrastructure, which was completed in 2023. These upgrades will allow a new investor to continue the positive leasing velocity and take advantage of the flight to quality trend occurring across the country.