One North State

FD Stonewater purchased this 525,000 square foot, historic office from a large institution in 2007 within the firm’s multi-tenant value add strategy. 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. FD Stonewater’s construction management team led a $10 million repositioning in 2015 to meet market demands and execute specific building improvements per Chicago’s Class L tax incentive ordinance. The scope of work included lobby renovations, speculative suites, a new roof system (including rooftop deck and 13,000 SF of green roof space), bike room, HVAC controls upgrades, core restroom upgrades, and stairwell upgrades. FD Stonewater sold the asset to a national institutional fund operator in 2016. The asset’s business plan was successfully executed despite the worst economic downtown in 85 years.