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
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