Ross Allen Leases 28,700 SF Office Space At 500 West Monroe Street, Chicago
500 West Monroe Street
Building Size
28,700 SF
Asset Type
Office
Closing
May 28, 2024
AI
Located at 500 West Monroe Street in Chicago, the office space spans 28,700 square feet. ARCO/Murray, represented by Ross Allen, will be leasing the property for a term of 3.5 years. The deal was facilitated by brokers Bill Sheehy, Mark Cassata, and Matt Cowie from CBRE.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not Applicable
- Tenant: Ross Allen - ARCO/Murray
- Brokers: Bill Sheehy, Mark Cassata & Matt Cowie - CBRE
- Lease Term: 3.5 years
ARCO/Murray is making a strategic move from Fulton Market to the West Loop, subleasing the office space at 500 West Monroe Street. In addition, the firm has signed a 10-year lease in River North and is in the final stages of completing a new 125,000-square-foot headquarters in Downers Grove to enhance client interaction with innovative showroom spaces.
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