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1 South Wacker Drive

Invenergy Expands Lease By 35,000 SF At 1 South Wacker Drive, Chicago
LEASEDOffice

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

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.

Players

Bradley Serot

CBRE

Broker

12 deals

Broker

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