Chicago Department Of Aviation Signs 99,421 Square Foot Lease At U.S. Cellular Plaza
8420 West Bryn Mawr Avenue
Building Size
99,421 SF
Asset Type
Office
Closing
Dec 10, 2024
AI
The property involved in this transaction is an office space located at 8420 West Bryn Mawr Avenue in Chicago, comprising a total square footage of 99,421. This asset is part of the U.S. Cellular Plaza.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Date: 12/10/2024
- Landlord: FCA Partners
- Tenant: Chicago Department of Aviation
- Landlord's Representative: Francis Prock & Jonathon Connor - Colliers
- Tenant's Representative: Fred Ishler - Avison Young
- Lease Term: Long-term lease through 2033
- Employee Count: Over 330 employees across 18 contractors
This lease transaction secures operational space for the Chicago Department of Aviation, facilitating the relocation of contractors involved in the O’Hare 21 modernization project from their current location near the airport. The deal supports the ongoing expansion and renovation efforts at O’Hare International Airport.
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