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910 West Lake Street

Coca-Cola And Fairlife Lease 37000 Square Feet Office At 910 W Lake St In Chicago
LEASEDOffice

Coca-Cola And Fairlife Lease 37000 Square Feet Office At 910 W Lake St In Chicago

910 West Lake Street

Building Size

37,000 SF

Asset Type

Office

Closing

Dec 6, 2024

AI

The property involved in this transaction is located at 910 West Lake Street in Chicago's Fulton Market District. It is being leased as office space with a total area of 37,000 square feet. The landlord for this asset is Fulton Street Cos., represented by Ross Babel.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 910 West Lake Street
  • Market: Chicago
  • Landlord: Ross Babel - Fulton Street Cos.
  • Tenant: James Quincey - Coca-Cola; Fairlife
  • Landlord's Representative: Adam Pines & Matt Pistorio - Madison Rose
  • Tenant's Representative: Brian McDonell & Lisa Konieczka - CBRE

This lease agreement marks the consolidation of Coca-Cola and its subsidiary Fairlife's local offices into a former apartment building that is being converted into workspace. The landlord's initial plans to convert the property into a hotel were reversed, facilitating this lease arrangement. The leasing was facilitated by CBRE, with Lisa Konieczka and Brian McDonell representing the tenants, while Madison Rose was responsible for representing the landlord.

Players

Adam Pines

Broker

3 deals

Broker
Madison Rose
Madison RoseBrokerage

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