Burke, Warren, MacKay & Serritella Extends Lease At AMA Plaza, Chicago
330 North Wabash Avenue
$24
$24/SF
Building Size
47,000 SF
Asset Type
Office
Closing
May 4, 2020
AI
Chicago law firm Burke, Warren, MacKay & Serritella has signed a multi-year lease extension to occupy over 47,000 square feet on the 21st and 22nd floors of AMA Plaza at 330 North Wabash Avenue, a River North landmark owned by Beacon Capital Partners. The lease extension follows a repositioning project by Beacon Capital that updated the building's signage, elevator cabs, lobbies, and HVAC system. Although the firm is downsizing from its previous 55,000-square-foot lease, it is recommitting to the property it has occupied for over 25 years.
Summary of transaction details
- Property Type: Office
- Transaction Date: 05/05/2023
- Address: 330 North Wabash Avenue, Chicago
- Landlord: Beacon Capital Partners - Fred Seigel
- Tenant: Burke, Warren, MacKay & Serritella
- Broker: Joe Learner - Savills
- Asking Rent: $24/ft.
- Square Footage: 47,000
Fred Seigel from Beacon Capital Partners represents the landlord in the lease transaction with Burke, Warren, MacKay & Serritella. Meanwhile, Joe Learner from Savills acted as the broker for the deal. The lease extension allows the law firm to continue its presence in AMA Plaza, demonstrating their long-term commitment to the property.
Players
Marion 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
660958.33%
Cash-on-Cash
-188903.92%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93