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213 W Institute Pl, Chicago...

Meredith Corporation Signs Lease With KBS Growth & Income REIT At 213 W Institute Pl Chicago
LEASEDOffice

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

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.

Players

Amy Craig

JLL

Broker

2 deals

Broker
KI
KBS Growth & Income REIT Inc.Landlord
MC
Meredith CorporationTenant

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