The Property offers a rare opportunity to acquire a value-add boutique building in one of Chicago’s best performing submarkets. In-place rents are approximately 40% below market and the weighted average lease term ("WALT") is 2.3 years, offering the ability to rapidly create value by marking rents to market. The Property is currently 94% leased, providing stable cash flow and an opportunity to institute a repositioning plan as a result of the Property’s actual in-place occupancy of about 72%, which creates an appealing 39,324 RSF block of contiguous space that is ideally positioned to capture demand from value conscious technology and creative tenants.
Jones Lang LaSalle (Illinois), L.P. (“JLL”) has been exclusively retained to arrange the sale of 216 West Jackson (the “Property”), a 10-story boutique office building comprised of approximately 198,193 rentable square feet (“RSF”), located in Chicago’s premier West Loop submarket.
Senior Managing Director, Chicago Office Co-Head
Senior Managing Director, Office Group Leader
IL-471.010204 WI-54163-90 VT-081096202
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