Fred Seigel Acquires Office Tower In Chicago From AFL-CIO Building Investment Trust
333 West Lower Wacker Service Drive
$125,000,000
$144/SF
Building Size
867,600 SF
Asset Type
Office
Closing
Jul 2, 2024
AI
The 36-story riverfront tower located at 333 West Wacker Drive in Chicago was acquired by Fred Seigel of Beacon Capital Partners for $125 million. The property spans 867,600 square feet and was sold for approximately $144 per square foot by the seller AFL-CIO Building Investment Trust.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $125,000,000
- Buyer: Fred Seigel - Beacon Capital Partners
- Seller: AFL-CIO Building Investment Trust
- Brokers: Cody Hundertmark, Dan Deuter & Tom Sitz - Cushman & Wakefield
- Address: 333 West Wacker Drive
- Market: Chicago
The acquisition of the riverfront tower at 333 West Wacker Drive in Chicago involved key individuals including Cody Hundertmark, Dan Deuter, and Tom Sitz from Cushman & Wakefield who represented the buyer and seller in the deal. The purchase price of $125 million reflects the challenging office sector environment, with Beacon Capital Partners planning $36 million in renovations to cater to their largest tenant, Nuveen.
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
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93