$151.3 Million Non-Performing Office Loan | Chicago, IL
70,771 sm
Jones Lang LaSalle (Illinois), L.P. (“JLL”) has been exclusively retained to arrange the sale of 350 N Orleans (the “Property” or the “Offering”), a compelling value-add office repositioning opportunity located in Chicago. Comprising 13- and 23-story office towers, the Property was designed by Skidmore, Owings & Merrill and constructed in 1977. The Property has completed an extensive $54 million transformation, modernizing the building and providing best-in-class amenities to tenants. With 65.2% occupancy and an average lease term of 4.5 years, 350 N Orleans provides a durable in-place cash flow while providing an investor the opportunity to substantially increase NOI through the lease-up of 462,548 square feet of vacant space. The large floor plates and contiguous top-floor blocks of available space position 350 N Orleans as an ideal home for tenants looking to have a sizable presence.