Spear Street Capital Acquires Chicago Office Building From McCaffery Interests For $40M
1201 West Lake Street
$40,000,000
$274/SF
Building Size
146,000 SF
Asset Type
Office
Closing
May 1, 2026
About this deal
AI
An office building located at 1201 West Lake Street in Chicago's Fulton Market is under contract with a price of $40,000,000. The asset spans 146,000 square feet, translating to approximately $274 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $40,000,000
- Buyer: John Grassi - Spear Street Capital
- Seller: Dan McCaffery - McCaffery Interests
- Broker Representatives: Tom Sitz & Cody Hundertmark - Cushman & Wakefield
- Market: Chicago
The deal is noted for its significance as Spear Street Capital aims to shift its focus towards smaller, high-demand assets following losses on larger Chicago office towers. The transaction is facilitated by Tom Sitz and Cody Hundertmark from Cushman & Wakefield.
On the Map
$40,000,000
$274/SF
Office
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Players
Chicago Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93