$151.3 Million Non-Performing Office Loan | Chicago, IL

$151.3 Million Non-Performing Office Loan | Chicago, IL_Property for Sale

Attributes

Building area net
761,775 sf
Occupancy
72%
WAULT
4.7 years
Year built
1981
Number of floors
40 floors
Loan status
Non-Performing
Call for offers
27/06/2024

Asset Description

Jones Lang LaSalle (Illinois), L.P. (“JLL”) as the exclusive advisor, presents the opportunity to acquire a $151.3 million non-performing loan (the “Loan”) secured by a first-lien mortgage on the fee simple interest in a CBD office property in Chicago, IL (the “Property”). The Loan was originated in September 2019 to refinance the Sponsor’s interest in the subject Property. The Loan is currently non-performing due to Maturity Default and has an unpaid principal balance of $151,260,000 ($199 PSF).

 

The Property is a 761,775 square foot, 40-story office building located in Chicago's West Loop. Originally constructed in 1981, the Property represents an opportunity to acquire a Class A office asset with world-renowned Chicago River views on the prestigious Wacker Drive. At 72% leased with 4.7 years of remaining average lease term ("WALT"), the Property offers durable in-place cash flow while providing an investor the opportunity to substantially increase NOI through the lease up of nearly 211,000 square feet. The Property's location boasts unrivaled views and transportation advantages, conveniently linking the Property to talent in both the city center and suburbs. With over $8.5 million of capital invested since 2018, ownership has meticulously maintained and transformed the Property, modernizing building systems and implementing state-of-the-art amenities. Paired with its location and high quality amenity offerings, the Property offers investors the exceptionally rare opportunity to create value through strategic lease up and marking current tenants to market upon expiration.

...

Investment Highlights

PRESTIGIOUS ASSET LOCATION WHICH CATERS TO ACTIVE TENANCY IN MARKET

Benefiting from a prestigious address location, the Offering represents a rare opportunity to acquire real estate at a discount relative to the average address location office asset sale price of $365 per square foot since 2015.


DURABLE IN-PLACE CASH FLOW WITH UPSIDE

The Property offers balanced tenancy with no single tenant accounting for more than 9.8% of the net rentable area. At 72% leased, the Property is occupied by a diverse collection of 41 tenants.


STATE-OF-THE-ART TROPHY DESIGN WITH TRANSORMATIVE LOBBY & AMENITY RENOVATIONS

The Property boasts one of the most comprehensive and high quality amenity offerings in the West Loop due to ownership's $8.5 million investment in strategic base building and cosmetic capital since 2018.


UNRIVALED TRANSPORTATION & ACCESS

The Property benefits from superior connectivity and accessibility given its prime West Loop location that puts it steps away from the Quincy CTA station, eight bus stops, and three blocks from the I-290 ramp, a major artery that links the city to surrounding suburbs and relief of downtown street congestions.

$151.3 Million Non-Performing Office Loan | Chicago, IL (0 Properties)

Contact brokers

Similar properties

View moreChevron Right
Do you have any questions? visit our FAQ page
View FAQ PageArrow Right
JLL can help you finance and manage your portfolio. Email us today to see how we can help achieve your ambitions.
Last updated
3 Jun 2024