Kin Insurance Subleases 20,000 SF Office From Avant In Chicago Merchandise Mart
222 West Merchandise Mart Plaza
Building Size
20,000 SF
Asset Type
Office
Closing
Jun 26, 2024
AI
The office property located at 222 West Merchandise Mart Plaza in Chicago spans 20,000 square feet. The lease transaction took place on 06/26/2024 between the landlord, Matt Bochenek & Margaret Hermes of Avant, and the tenant, Sean Harper of Kin Insurance.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not Applicable
- Address: 222 West Merchandise Mart Plaza
- Market: Chicago
- Landlord: Matt Bochenek & Margaret Hermes - Avant
- Tenant: Sean Harper - Kin Insurance
- Brokers: Bradley Serot, Tony Coglianese & Tyler Reaumond - CBRE
Kin Insurance subleased the 20,000 square feet from Avant at Chicago's Merchandise Mart, upgrading from its 11,000-square-foot space to accommodate the evolving work practices brought about by hybrid work models. The decision underscores the shift of tech companies towards smaller office spaces amidst Chicago's office vacancy rate exceeding 25%.
Players
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