Meredith Corporation Signs Lease With KBS Growth & Income REIT At 213 W Institute Pl Chicago
213 W Institute Pl, Chicago, IL, 60610
Building Size
—
Asset Type
Office
Closing
Apr 12, 2019
About this deal
AI
213 West Institute Place is a 155,385-square-foot, converted loft-office building located in the River North neighborhood of Chicago. Built in 1908, the property features exposed brick and timber, dramatic lofted ceilings, and oversized windows. Renovated in 2017, the property includes an on-site restaurant and bar, along with a parking lot for tenant use. The owner, KBS Growth & Income REIT, is planning additional amenity upgrades, which will encompass a new tenant lounge and bike storage.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not specified
- Address: 213 W Institute Pl, Chicago, IL, 60610
- Market: Chicago
- Tenant: Meredith Corporation
- Tenant's Representative: Amy (Berg) Craig, JLL
- Landlord: KBS Growth & Income REIT
- Square Feet: 0
In this transaction, Amy (Berg) Craig from JLL represented the tenant, Meredith Corporation. The leasing deal involved KBS Growth & Income REIT as the landlord, highlighting their focus on enhancing the property's appeal through various amenity improvements.
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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