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330 North Wabash Avenue

Burke, Warren, MacKay & Serritella Extends Lease At AMA Plaza, Chicago
LEASEDOffice

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

Joe Learner

Savills

Broker

3 deals

Broker
Fred Seigel

Fred Seigel

Beacon Capital Partners

Landlord

$81M

vol

5 deals

Landlord

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