MULTI-TENANT VALUE ADD
One North State is a 523,000 square foot historic office building located in the heart of Chicago’s East Loop. The Property is ideally located on State Street in close proximity to retail, dining, lodging and public transportation. The asset was purchased 48% occupied from a large institution. More than $20MM of capital has transformed the building with all new energy efficient windows, a separate entrance to accommodate school tenancy, and a complicated historic facade restoration project, among others. As a result of the renovations, the building has qualified for Chicago’s Class L tax status and leasing has spiked.
|Acquisition Date||May 2007|
|No. of Buildings||1|
|Tenant Sampling||Noble Charter Schools, International Academy of Design and Technology, National Opinion Research, Help at Home|