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433 W Van Buren St, Chicago...

Uber Leases 450000 Square Feet At 433 W Van Buren St From 601W Companies
LEASEDOffice

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

Brian Murphy

Newmark

Broker

$65M

vol

17 deals

Broker
6C
601W CompaniesLandlord
U
UberTenant

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