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600 West Chicago Avenue, 90...

Echo Global Logistics Leases 185000 Square Feet At 600 West Chicago Avenue From Sterling Bay
LEASEDMixed-use

Echo Global Logistics Leases 185000 Square Feet At 600 West Chicago Avenue From Sterling Bay

600 West Chicago Avenue, 900-950 W...

Building Size

185,000 SF

Asset Type

Mixed-use

Closing

Nov 19, 2023

AI

The property involved in this transaction is located at 600 West Chicago Avenue in Chicago's River West submarket. It encompasses an office and retail space. The total square footage of the leased area for Echo Global Logistics is 185,000 square feet.

Summary of transaction details:

  • Property Type: Office and retail
  • Transaction Amount: Not disclosed
  • Address: 600 West Chicago Avenue
  • Tenant: Echo Global Logistics
  • Landlord: Sterling Bay
  • Tenant's Representatives: Kellen Monti-JLL, Matthew "Matt" Carolan-JLL, Andrea VanGelder-JLL
  • Lease Structure for VSA Partners: 25,000 square feet
  • VSA Representatives: Steven Livaditis-CBRE, Jon Milonas-CBRE
  • Sterling Bay Representatives: Russ Cora, Austin Lusson

This office lease renewal for Echo Global Logistics marks their continued presence in the building since 2005. VSA Partners has been a tenant since 2008 and recently restructured its lease. The transaction illustrates the sustained demand for prime office space in Chicago's River West area.

Players

Matthew Carolan

JLL

Broker

6 deals

Broker
Sterling Bay
Sterling BayBrokerage
Sterling Bay
Sterling BayLandlord

Market Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93