Asking Price Contact for pricing
Area Size
NOI Net Operating Income
NIY N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Loan Status REO
Property Type Office

Asset Description

Jones Lang LaSalle (Illinois), L.P. (“JLL”) has been exclusively retained to arrange the sale of 65 East Wacker Place (the “Property” or the “Offering”). Benefiting from a prestigious Wacker address, the Property is situated on an exclusive one block enclave, East Wacker Place, offering the same world-renowned Chicago River views and locational benefits as East Wacker Drive with the convenience of reduced vehicular traffic. The 24- story 222,768 rentable square foot (“RSF”) Property currently operates as a 46.3% leased mixed-use office and retail destination with 4.2 years of remaining weighted average lease term (“WALT”). Originally constructed in 1928, 65 E Wacker Pl is recognized by the National Register of Historic Places, providing investors with the potential for significant competitive advantages available via Historic Tax Credit (“HTC”) and Class L Property Tax Incentives (“Class L”). Paired with flexible 9,400 RSF side core floor plates and highly desirable underlying DX-16 Downtown Mixed-Use zoning, the Property presents value-add investors with exceptionally rare optionality to pursue either a boutique office repositioning, as of right adaptive reuse, or a combination thereof.

Investment Highlights

  • Irreplaceable Wacker Location
  • Versatile Floor Plates & Developer Friendly Zoning Allows for A Spectrum of Creative As of Right Adaptive Reuse Projects
  • Existing National Landmark Status Provides Path For Valuable HTC and Class L Eligibility
  • Boutique Value-Add Office Opportunity Provides In-Place Cash Flow with Substantial Upside
  • Incredible Basis at a Substantial Discount to Replacement Cost


Last Updated Date: 07 Sep 2022

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Last Updated Date: 07 Sep 2022

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