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300 N La Salle Dr, Chicago,...

Winston & Strawn LLP Leases 148,000 Sq Ft At 300 North LaSalle, Chicago
LEASEDOffice

Winston & Strawn LLP Leases 148,000 Sq Ft At 300 North LaSalle, Chicago

300 N La Salle Dr, Chicago, Il 60654, United States

$43

$43/SF

Building Size

148,000 SF

Asset Type

Office

Closing

Jul 24, 2023

AI

Winston & Strawn LLP has recently signed a lease for 148,000 square feet of office space at 300 North LaSalle in Chicago's River North district. The international law firm was attracted to this property due to its architectural significance and landmark location in the city's skyline. Additionally, the recently announced $30 million reinvestment in the iconic tower played a role in their decision.

Summary of transaction details

  • Property Type: Office
  • Address: 300 North LaSalle, Chicago
  • Market: Chicago
  • Tenant: Winston & Strawn LLP - Cardelle Spangler
  • Landlord: Irvine Company
  • Brokers: Nancy Pacher & David Mahoney - CBRE
  • Asking Rent: $43/ft. ~ SF: 148,000

This lease deal, facilitated by brokers Nancy Pacher and David Mahoney of CBRE, showcases the collaboration between Winston & Strawn LLP and Irvine Company. The law firm recognized the value of the property's location and its historical significance within Chicago's skyline. This transaction serves as a testament to the ongoing investment and development in the River North district.

Players

Nancy Pacher

CBRE

Broker

1 deal

Broker
Irvine Company
Irvine CompanyLandlord

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

368906.98%

Cash-on-Cash

-105434.75%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93