NBC Renews Lease At NBC Tower In Chicago With Metropolis Investment Holdings
455 North Cityfront Plaza Drive
Building Size
68,000 SF
Asset Type
Office
Closing
Apr 24, 2024
About this deal
AI
The office building located at 455 North Cityfront Plaza Drive in Chicago, spanning 68,000 square feet, served as the site for a recent lease transaction between Metropolis Investment Holdings, represented by Thomas M. Dempsey, and NBC, with Michael Cavanagh as the tenant.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not provided
- Landlord: Thomas M. Dempsey - Metropolis Investment Holdings
- Tenant: Michael Cavanagh - NBC
- Landlord's Rep: Eric Myers - Transwestern
- Brokers: Bradley Serot & Tony Coglianese - CBRE
NBC's decision to downsize at the NBC Tower in Chicago comes in response to the evolving office space utilization trends precipitated by the shift to remote work brought about by the pandemic. This move is in line with the broader movement of companies reducing their office footprint, impacting Chicago's office vacancy rates.
On the Map
Office
View full map
Players
Chicago Office Market Snapshot
Boundary boundary · Office · Lease transactions
Loading comparables…
Deal FAQ
Browse Chicago office leases on Traded.
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