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JMB Realty Extends Lease With GCM Grosvenor At 900 North Michigan Avenue
LEASED
Illinois
See Similar DealsOffice72,700 SF
Leased 06/26/2024
LEASED
JMB Realty Extends Lease With GCM Grosvenor At 900 North Michigan Avenue
900 North Michigan Avenue
See Similar DealsOffice72,700 SF
Leased 06/26/2024
Summary
ILLINOIS
Asset Type:Office
Price Per Square Foot:$0
Total Square Footage:72,700 SF
Transaction Type:Lease
Located at 900 North Michigan Avenue in Chicago, the office property spans a total of 72,700 square feet. The landlord, JMB Realty, recently finalized an 11-year lease extension with their tenant, Michael Sacks - GCM Grosvenor. Despite a downsizing of 40,000 square feet, the lease agreement includes over $8 million in tenant improvements.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 900 North Michigan Avenue
- Market: Chicago
- Tenant: Michael Sacks - GCM Grosvenor
- Lease Term: 11 years
JMB Realty successfully secured the lease extension with GCM Grosvenor at 900 North Michigan Avenue, a significant deal in the Chicago office market. The inclusion of a termination option in 2032 showcases a strategic move amidst the current trend of office space reduction due to high vacancy rates in the region.
Details
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Deal Type
NNN (Triple Net)
Effective Rent (Annual)
$4,167,120.13
Total Lease Value
$41,671,201.30
Net Landlord Cash Flow$4,167,120.13
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