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500 West Monroe Street

Ross Allen Leases 28,700 SF Office Space At 500 West Monroe Street, Chicago
LEASEDOffice

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:

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

Matt Cowie

CBRE

Broker

$9.3M

vol

4 deals

Broker

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