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1357 North Elston Avenue

Reverb Leases 25,000 SF Office Space In Chicago's Salt Shed
LEASEDOffice

Reverb Leases 25,000 SF Office Space In Chicago's Salt Shed

1357 North Elston Avenue

Building Size

25,000 SF

Asset Type

Office

Closing

Apr 9, 2024

AI

The Salt Shed, a redeveloped Morton Salt warehouse located at 1357 North Elston Avenue in Chicago, has secured a lease transaction for approximately 25,000 square feet in a two-story brick building. The space will serve as the new headquarters for Reverb, a music equipment marketplace. This move adds a commercial dimension to the Salt Shed, known as a concert venue, and strengthens Reverb's connection to Chicago's music community.

Summary of transaction details:

Reverb's relocation to the Salt Shed signifies a strategic move to enhance its presence in Chicago's music scene. The lease agreement, facilitated by Adrian Boone from Stream Realty Partners and Frank Franzese from Colliers International, marks a significant step for Reverb in establishing a stronger foothold within the emerging office landscape of the area. The upcoming move is scheduled for the following year, promising a seamless transition for the music equipment marketplace.

Players

Adrian Boone II

Stream Realty Partners⁠

Broker

1 deal

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