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71 S Wacker Dr, Chicago, IL...

Maven Wave Leases 20000 Square Feet At 71 S Wacker Dr Chicago From Irvine Company Office Properties
LEASEDOffice

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

Jon Milonas

CBRE

Broker

7 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