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Jones Lang LaSalle (Illinois), L.P. (“JLL”) has been exclusively retained to arrange the sale of 65 East Wacker Place (the “Property” or the “Offering”). Benefiting from a prestigious Wacker address, the Property is situated on an exclusive one block enclave, East Wacker Place, offering the same world-renowned Chicago River views and locational benefits as East Wacker Drive with the convenience of reduced vehicular traffic. The 24- story 222,768 rentable square foot (“RSF”) Property currently operates as a 46.3% leased mixed-use office and retail destination with 4.2 years of remaining weighted average lease term (“WALT”). Originally constructed in 1928, 65 E Wacker Pl is recognized by the National Register of Historic Places, providing investors with the potential for significant competitive advantages available via Historic Tax Credit (“HTC”) and Class L Property Tax Incentives (“Class L”). Paired with flexible 9,400 RSF side core floor plates and highly desirable underlying DX-16 Downtown Mixed-Use zoning, the Property presents value-add investors with exceptionally rare optionality to pursue either a boutique office repositioning, as of right adaptive reuse, or a combination thereof.
- Irreplaceable Wacker Location
- Versatile Floor Plates & Developer Friendly Zoning Allows for A Spectrum of Creative As of Right Adaptive Reuse Projects
- Existing National Landmark Status Provides Path For Valuable HTC and Class L Eligibility
- Boutique Value-Add Office Opportunity Provides In-Place Cash Flow with Substantial Upside
- Incredible Basis at a Substantial Discount to Replacement Cost