$151.3 Million Non-Performing Office Loan | Chicago, IL
70.771 m²
Jones Lang LaSalle (Illinois), L.P. (“JLL”) as the exclusive advisor, presents the opportunity to acquire the 100% fee simple interest in 550 West Washington (the “Property”), a 372,596 RSF, 16-story class-A office building located in Chicago’s West Loop. Constructed in 2000, 550 West Washington benefits from superior connectivity and accessibility given its prime West Loop location that puts it one block from Ogilvie Transportation Center and Union Station, the major commuter train stations linking the city to surrounding suburbs.
At 31% leased with 2.9 years of remaining average lease term (“WALT”),(1) the Property provides an investor the opportunity to substantially increase NOI through the lease up and strategic repositioning of a nearly unencumbered boutique office asset. The Property contains the only contiguous block of vacancy exceeding 200,000 RSF amongst buildings constructed post-2000 in the West Loop submarket. Paired with its flexible 24,500 RSF floor plates, the Property is well positioned to capture tenants of all size requirements in the market. All inquiries regarding this value-add office asset should be directed to JLL.
(1) As of May 1, 2024
Rare Large, West Loop Contiguous Block Positioned to Capture Active Tenancy
Nearly Unencumbered Asset Represents Blank Canvas for Investor
Unrivaled Transit- Oriented Location
Opportunity to Acquire Asset at Substantial Discount to Replacement Cost