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20 North Lower Wacker Servi...

Updated Oct 13, 2026

Workbox Leases 68000 Square Feet At Civic Opera House In Chicago From 601W Cos
LEASEDOffice

Workbox Leases 68000 Square Feet At Civic Opera House In Chicago From 601W Cos

20 North Lower Wacker Service Drive

Building Size

68,000 SF

Asset Type

Office

Closing

May 8, 2025

About this deal

AI

The asset involved is an office property located at 20 North Wacker Drive in Chicago, comprising 68,000 square feet. The property is part of the Civic Opera House and is currently in foreclosure and under receivership. The occupancy rate has declined to 54%, and cash flow is significantly reduced compared to its status at the time of the loan's origination in 2015.

Summary of transaction details:

Workbox has secured a lease for the office space previously occupied by the coworking firm TeamWorking. The transaction showcases the involvement of key individuals and companies, including John Wallace on behalf of Workbox, and representatives from Berkley Properties and Transwestern facilitating the deal.

On the Map

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Players

Eric Myers

Transwestern

Broker

8 deals

Broker

Michael Silberberg

Berkley Properties

Landlord

$1B

vol

4 deals

Landlord
6C
601W CosLandlord

John Wallace

Workbox

Tenant
Tenant
Bilt advertisement

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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

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