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222 N La Salle St, Chicago,...

Origami Risk Leases 24500 Square Feet At 222 N La Salle St Chicago From Tishman Speyer
LEASEDOffice

Origami Risk Leases 24500 Square Feet At 222 N La Salle St Chicago From Tishman Speyer

222 N La Salle St, Chicago, IL, 60601

Building Size

24,500 SF

Asset Type

Office

Closing

Jun 27, 2018

AI

A joint venture of the Crown family and Tishman Speyer has signed a lease for 24,500 square feet at 222 North LaSalle Street in Chicago. This location is situated in the Downtown market and will serve as the new office space for Origami Risk, transitioning from their previous 11,600 square feet at Vornado Realty Trust’s Merchandise Mart.

Summary of transation details:

  • Property Type: Lease
  • Transaction Amount: Not disclosed
  • Address: 222 N La Salle St, Chicago, IL, 60601
  • Market: Chicago
  • Tenant's Representative: Dougal Jeppe, Colliers International
  • Tenant: Origami Risk
  • Landlord: Tishman Speyer
  • Square Feet: 24,500

Origami Risk expressed that the move was necessitated by the need for a larger space to accommodate its operations and employees. The new office facility will allow the company to host its workforce on a single floor within the 26-story building, which has a history as a construction materials showroom, known as the Builders Building.

Players

Dougal Jeppe

Colliers

Broker

$194M

vol

4 deals

Broker
Tishman Speyer
Tishman SpeyerLandlord

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