Adtalem Global Education Leases 84000 Square Feet At Willis Tower In Chicago
233 South Lower Wacker Service Drive
Building Size
84,000 SF
Asset Type
Office
Closing
Nov 14, 2024
AI
The property asset involved in this transaction is located at 233 South Wacker Drive in Chicago. It is an office asset with a square footage of 84,000. The transaction involves a lease agreement which marks a significant move within the market.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 233 South Wacker Drive
- Market: Chicago
- Square Footage: 84,000
- Landlord: Alex Vouvalides - EQ Office
- Tenant: Steve Beard - Adtalem Global Education
- Landlord's Representative: Telos Group
- Tenant's Representatives: Jamie Wallenberg & Meredith O’Connor - JLL
This lease agreement signifies Adtalem Global Education's intention to expand its office space by signing for 84,000 square feet across two floors at the Willis Tower. This move allows EQ Office's Willis Tower to increase its occupancy rate to 86%, even amid broader trends affecting downtown Chicago's office spaces.
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