Uber Leases 450000 Square Feet At 433 W Van Buren St From 601W Companies
433 W Van Buren St, Chicago, IL, 60607
Building Size
450,000 SF
Asset Type
Office
Closing
Sep 17, 2019
AI
The property involved in this transaction is located at 433 W Van Buren St, Chicago, IL, 60607. It is part of the Chicago market and encompasses a total square footage of 450,000. This asset is situated in the Old Post Office building, which is undergoing significant renovations by 601W Companies as part of an $800 million redevelopment project.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not specified
- Address: 433 W Van Buren St, Chicago, IL, 60607
- Market: Chicago
- Tenant: Uber
- Landlord: 601W Companies
- Tenant's Representative: Brian Murphy (Newmark)
Paul Reaumond and Ian Murphy from CBRE’s occupier advisory and transaction services group represented Uber in this lease transaction. The brokerage team from The Telos Group, consisting of Steve Smith, Jamey Dix, and Daniel Heckman, is responsible for attracting tenants to the redeveloping property. Uber plans to occupy this new space by January 2020.
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