Description de l'actif
Jones Lang LaSalle (Illinois), L.P. (“JLL”) has been exclusively retained to arrange the sale of 175 West Jackson (the “Property” or the “Offering”), a compelling value-add office opportunity located in Chicago. The 22-story property was designed by renowned architect Daniel Burnham and was constructed in two phases between 1912 and 1927. At 59% occupancy and 6.2 years of weight average lease term, 175 West Jackson provides durable in-place cash flow while providing an investor the opportunity to substantially increase NOI through the lease up of 630,000 square feet. Such leasing can capitalize off the successful spec-suite program, which fare especially well in today’s market. Further, the property had over $24 million invested to modernize the building and implement a robust amenity package. The large floor plates, contiguous blocks of available space, and opportunity for signage rights position 175 West Jackson as an ideal home for a tenant looking to have a sizeable presence.
This transaction is being offered with negotiable financing terms that outperform market. All inquiries regarding this asset should be directed to JLL.
Caractéristiques de l'actif
Points clés d'investissement
- Financing Available - 175 West Jackson is being offered with financing terms that outperform the market, with a fixed rate of 5.086%. This accretive financing option (negotiable terms) reduces risk associated with market volatility and expedites the closing process. Further, this structuring minimizes the equity contribution needed, freeing up capital for executing leases & various value enhancement strategies.
- Incredible Value-Add Opportunity - With over $24 million invested in modernizing and amenitizing the building recently, a future owner is able to purely focus on stabilizing the asset through leasing both the office and retail vacancies
- Substantial to Replacement Cost
- Unrivaled Transit-Oriented Location