Invenergy Expands Lease By 35,000 SF At 1 South Wacker Drive, Chicago
1 South Wacker Drive
Building Size
35,000 SF
Asset Type
Office
Closing
Jul 5, 2024
About this deal
AI
The office building located at 1 South Wacker Drive in Chicago spans 35,000 square feet. The recent lease expansion has seen tenant Michael Polsky's firm, Invenergy, increase its total footprint to 226,000 square feet.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 1 South Wacker Drive
- Market: Chicago
- Landlord: 601W Cos
- Tenant: Michael Polsky - Invenergy
The lease expansion by Invenergy at One South Wacker Drive represents a notable development, particularly in the context of a challenging office market in downtown Chicago. The win for landlord 601W Cos comes at a time when many companies in the area are downsizing, making this expansion a significant achievement for both the tenant and the landlord.
On the Map
Office
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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