Brian Deck Of JBT Marel Leases 27000 Square Feet From Fred Seigel Of Beacon Capital Partners In Chicago
333 East Wacker Drive
Building Size
27,000 SF
Asset Type
Office
Closing
Mar 31, 2025
About this deal
AI
The property involved in this transaction is an office space located at 333 East Wacker Drive in Chicago, comprising 27,000 square feet. The asset is managed by Beacon Capital Partners, which has been enhancing the Wacker Drive tower to attract tenants amidst a changing market landscape.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 333 East Wacker Drive
- Market: Chicago
- Landlord: Fred Seigel - Beacon Capital Partners
- Tenant: Brian Deck - JBT Marel
JBT Marel's lease of 27,000 square feet signifies a strategic relocation from its long-standing office at 70 West Madison Street, aligning with a broader trend prioritizing quality spaces. This move addresses rising vacancy issues at 70 West Madison following its recent distressed sale.
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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