Alex Pissios Of Alecko Capital Acquires Office Building In Chicago For $7.4M
620 North Lasalle Drive
$7,400,000
$82/SF
Building Size
89,514 SF
Asset Type
Office
Closing
Feb 24, 2025
About this deal
AI
The office asset located at 620 North Lasalle Drive in Chicago features a total square footage of 89,514 and was sold for $7,400,000. This transaction occurred amid challenges in the office market, reflecting a significant reduction from its pre-pandemic value. The property has previously been owned by Next Realty and was converted into co-working space.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $7,400,000
- Buyer: Alex Pissios - Alecko Capital
- Seller: Andrew Hochberg - Next Realty; Wintrust Bank
- Price per Square Foot: $83
- Date of Sale: 02/24/2025
- Market: Chicago
Leading this acquisition, Alex Pissios is recognized for his previous role as CEO of Cinespace. The transaction was executed as a short sale, indicating the building's distressed condition, which was a factor in the sale price and market valuation. This reflects a strategic approach to asset management and investment within the current office market landscape.
On the Map
$7,400,000
$82/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
2.14%
Cash-on-Cash
-0.61%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93