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333 N Michigan Ave, Chicago...

Darktrace Expands Chicago Office With 10,293-Square-Foot Lease At 333 N. Michigan Ave
LEASED

Darktrace Expands Chicago Office With 10,293-Square-Foot Lease At 333 N. Michigan Ave

333 N Michigan Ave, Chicago, IL, 60601

Building Size

10,293 SF

Asset Type

Closing

Nov 22, 2023

AI

The property at 333 N. Michigan Ave, Chicago, IL, 60601 has been leased for 10,293 square feet by Darktrace. The AI cyber defense firm, represented by Tony Coglianese from CBRE, is significantly expanding its office space in the building to a full floor, commencing in the second quarter of the upcoming year.

Summary of transaction details:

  • Property Type: Lease
  • Transaction Amount: Not Applicable
  • Tenant's Rep: Tony Coglianese (CBRE)
  • Landlord: Unknown
  • Square Feet: 10,293
  • Market: Chicago

The brokerage handling the deal, CBRE, has been instrumental in Darktrace’s expansion, with both Tony Coglianese and Mark Keebler negotiating on behalf of the tenant. Coglianese mentioned how Darktrace's growth in Chicago led to this move, reflecting the company's aggressive expansion plans in the Midwest. Darktrace's decision to triple its office space at 333 N. Michigan Ave showcases the appeal of Chicago for tech companies seeking to enhance their talent pool and business diversity.

Players

Tony Coglianese

CBRE

Broker

8 deals

Broker

Chicago CRE Market Snapshot

Boundary boundary · CRE · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93