Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Wednesday, 19 April 2017

Office Space at Chicago's Sullivan Center for Sale

A venture of Madison Capital and KKR & Co. is offering for sale the 833,000 square feet of office space at the Sullivan Center mixed-use building in Chicago's Central Loop. JLL has the sales assignment. The offering comes on the heels of the venture selling the building's retail space to Acadia Realty Trust.

Commercial Real Estate Direct Staff Report

A venture of Madison Capital and KKR & Co. is offering for sale the 833,000 square feet of office space at the Sullivan Center mixed-use building in Chicago's Central Loop.

JLL has the listing.

The offering follows the venture's sale last September of the property's 176,000 sf of retail space to Acadia Realty Trust for $146.9 million, or $834.65/sf. The venture had purchased the 15-story building a year ago for $267 million from El-Ad Canada Inc.

The office space is 98 percent leased, but most of it is subject to leases that roll within three years. That could pose an opportunity for prospective investors, as class-A office rents in downtown Chicago are substantially greater than they were before the market crisis in 2008.

Asking rents, according to Reis Inc., are now $39.10/sf, up nearly 16 percent from where they were in 2007. And the New...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

REITCafe

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