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24 East Washington Street

Argo Group Relocates To Renovated Office In Chicago's Marshall Field Building
LEASEDOffice

Argo Group Relocates To Renovated Office In Chicago's Marshall Field Building

24 East Washington Street

Building Size

20,500 SF

Asset Type

Office

Closing

Dec 14, 2023

AI

Insurance company Argo Group has signed a long-term lease for approximately 20,500 square feet of office space at 24 East Washington Street in Chicago. The property is located in the Brookfield-owned Marshall Field building, which has been recently renovated. The lease agreement was facilitated by the tenant's representatives, Corey Siegrist and Jeff Miller of JLL, and the landlord's representatives, Jack O’Brien and Jon-David (JD) Parcheta of Telos Group.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 24 East Washington Street, Chicago
  • Market: Chicago
  • Size: 20,500 square feet
  • Landlord: Brookfield Properties
  • Tenant: Argo Group

This move follows Argo Group's acquisition by Brookfield Reinsurance and demonstrates the demand for Class A office space in downtown Chicago. Despite the city's high vacancy rate, companies like Argo Group are opting to bring their employees back to the office. The relocation is expected to take place early next year.

Players

Jack O’Brien

Telos Group

Broker

6 deals

Broker
Brookfield Properties
Brookfield PropertiesBrokerage

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