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

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:

• Property Type: Office
• Transaction Amount: Not specified
• Address: 20 North Wacker Drive
• Market: Chicago
• Asset Size: 68,000 SF
• Landlord: 601W Cos.; Representative: Michael Silberberg - Berkley Properties
• Tenant: John Wallace - Workbox
• Brokers: Eric Myers, John Nelson & Kathleen Bertrand - Transwestern

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.