Maven Wave Leases 20000 Square Feet At 71 S Wacker Dr Chicago From Irvine Company Office Properties
71 S Wacker Dr, Chicago, IL, 60606
Building Size
20,000 SF
Asset Type
Office
Closing
Dec 13, 2018
AI
The property involved in this transaction is located at 71 S Wacker Dr, Chicago, IL, 60606. The asset is a 48-story modern workplace community with a total of 20000 square feet being occupied by the tenant Maven Wave. The market for this asset is Chicago. This lease is part of a larger announcement by Irvine Company Office Properties, which revealed seven new leases totaling 217,844 square feet at this address.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not disclosed
- Tenant: Maven Wave
- Tenant's Representative: Jon Milonas-CBRE
- Landlord: Irvine Company Office Properties
- Square Feet Leased: 20000
Key individuals involved in this transaction include Jon Milonas, who represented Maven Wave, and the landlord was represented by Brad Despot, Annie Nicolau, and Mark Georgas of JLL. The overall leasing activity includes notable tenants such as Benesch Law, Columbia Threadneedle Investments, and EVRAZ North America, each represented by their respective brokers. The announcement highlights the transformation of the building and the diverse range of companies moving into this location.
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