Showpad Leases 68391 Square Feet At 1 N State St Chicago With Tenant's Rep James G. Stein
1 N State St, Chicago, IL, 60602
Building Size
68,391 SF
Asset Type
Office
Closing
Jun 16, 2019
AI
One North State, located at 1 N State St, Chicago, IL, 60602, is a historic office building that has a total square footage of 68,391. The property is situated in the Chicago market and has been recently leased by Showpad, a global sales enablement company.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Address: 1 N State St, Chicago, IL, 60602
- Tenant: Showpad
- Landlord: Shorenstein Properties
- Tenant's Representative: James G. Stein - Lincoln Property Company
- Landlord's Representatives: Sara Spicklemire and Kelsey Scheive - CBRE
This lease marks a significant expansion for Showpad, which previously occupied 18,368 square feet in the same building. The redevelopment of One North State by Shorenstein Properties includes upgrades designed to support innovative companies, making it an attractive location for businesses seeking to attract and retain talent in the Chicago area.
Players
Chicago Office Market Snapshot
Boundary boundary · Office · 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