Chicago, IL | 525,000 SF
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.
To get in touch, please fill out this form or call us at 703.537.7650.