Description

Jones Lang LaSalle (Illinois), L.P. (“JLL”) has been exclusively retained on an exclusive basis to arrange the sale of 33 North LaSalle (the “Property”), a 38-story, Art Deco office tower located in the heart of Chicago’s Central Loop. With over $33 million dollars of capital invested since 2014, ownership has completely transformed the Property, modernizing building systems and implementing state-of-the-art amenities. At 34.7% occupancy with 4.5 years of remaining weighted average lease term, (“W.A.L.T.”), 33 North LaSalle provides an investor the opportunity to substantially increase NOI through the lease up of nearly 270,000 RSF. The combination of the Property’s central location and repositioning, 33 North LaSalle offers potential investors the rare opportunity to create value through the execution of a value-add business plan by leasing up the remaining vacancy and marking current tenants to market upon expiration.

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Attributes

Building area net

402,683 sf

Occupancy

37%

Year built

1929

Media

Investment highlights

Vintage creative office reimagined with over $33 million capital improvement history
Recently upgraded building lobby and new amenity package
Transit oriented, central location with critical proximity to courthouses
Benefit from the Google effect and the LaSalle corridor transformation
Functional and diverse design & construction
~71,000 RSF of recent positive leasing velocity plus over 107,000 RSF of plug-and-play spec and modernized existing-condition vacant office space check all the boxes for an executable value-add opportunity
Valuable retail component offers a significant upside
Incredible basis at a substantial discount to replacement cost