One North State
FD Stonewater purchased this 523,000 square foot, historic office from a large institution in 2007. At the time of purchase, One North State was only 48% occupied. The FD Stonewater team successfully restructured debt during a recession and paid the lender off at par. One North State underwent a $10 million repositioning in 2015 to meet market demands and execute specific building improvements per Chicago’s Class L tax incentive ordinance. Renovations included lobby, spec suites, new roof and rooftop terrace, bike room, cooling tower and chiller replacement, HVAC, core restroom and stairwell upgrades. FD Stonewater sold One North State to a national institutional fund operator in August 2016 for approximately $80 million. The asset’s business plan was executed despite the worst economic downtown in 85 years.
DEAL INFOAcquisition Date: May 2007
No. of Buildings: 1
Square Feet: 523,389 SF
Tenant Sampling: Noble Charter Schools, International Academy of Design and Technology, National Opinion Research, Help at Home