Hines Acquires Goose Island Office For $47M
1315 North North Branch Street, Chicago, Illinois 60642, United States
$47,000,000
$298/SF
Building Size
157,450 SF
Asset Type
Office
Closing
Feb 8, 2022
About this deal
AI
Located in Goose Island, Chicago, the office located at 1315 North Branch Street has recently gone under contract. The transaction, represented by Jeff Hines from Hines, involves the purchase of the property from R2. The sale price for this office asset is approximately $47,000,000, with a total square footage of 157,450. This equates to a price per square foot of $299.
Summary of Transaction Details
- Property Type: Office
- Transaction Amount: $47,000,000 (Approx.)
- Address: 1315 North Branch Street
- Market: Goose Island, Chicago
Leading the deal is Jeff Hines from Hines, who represents the buyer in this transaction. On the other side, R2 serves as the seller. Both parties have come together to negotiate this significant office sale in Goose Island. The sale price and square footage demonstrate the valuable nature of this property, making it a notable transaction in the market.
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
0.34%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93