Irvine Co. Boosts Occupancy At 1 North Wacker Drive With New Leases
1 North Upper Wacker Drive
Building Size
100,000 SF
Asset Type
Office
Closing
Oct 6, 2023
About this deal
AI
The One North Wacker Drive office property in Chicago, owned by Irvine Co. and under the leadership of Donald Bren, has recently experienced an increase in occupancy. Previously at 84%, the property's occupancy has risen to 90% with the signing of 100,000 square feet in lease agreements. Among the companies involved in these lease signings are BakerHostetler, Sinch represented by Laurinda Pang, and Berkshire Hathaway Specialty Insurance Co. represented by Peter Eastwood.
Summary of transation details
- Property Type: Office
- Transaction Amount: Not specified
- Square Footage: 100,000 SF
- Address: 1 North Wacker Drive, Chicago
- Market: Chicago
This boost in occupancy comes as the property undergoes a $10 million renovation, aimed at enhancing the amenities available to tenants. The renovation will include the addition of a coffee bar and upgrades to the fitness center, further improving the workspace for tenants.
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