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Chicago’S Central Loop

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Chicago’S Central Loop EXECUTIVE SUMMARY Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to present the outstanding KEY PROPERTY STATISTICS value-add investment opportunity to obtain a fee simple interest in 105 West Property Type Office with Ground Adams Street (also known as The Clark Adams Building for its prominence at Floor Retail the corner of this historic intersection), a historic 41-story 314,855 RSF office Total Area Total: 314,855 RSF tower located in the heart of Chicago’s Central Loop. Originally known as the Office: 306,705 RSF Retail: 8,150 RSF Banker’s Building, the Burnham Brothers, sons of the renowned architect and 63.0% urban designer, Daniel Burnham, completed the Property in 1927 which at the Percent Leased time was the tallest continuous-clad brick building in Chicago. The Property Stories 41 Stories is a multi-tenant office building sitting on top of a separately owned 430-room Club Quarters Hotel (floors 3-10) which opened in 2001 as well as Elephant Date Completed/ 1927/1988/1999/ & Castle, a pub and restaurant (also not included in the offering). The neo- Renovated 2006 - 2011 classical structure is the tallest continuous-clad brick building in Chicago and Average Floor Plates 17,000 RSF is primly located adjacent to the Federal Government Core, a multi-building area including Mies van der Rohe’s Federal Plaza and City Hall, as well as the Slab to Slab Ceiling 12' LaSalle Street Corridor, the address of choice for many of Chicago’s prominent Height law firms, financial institutions, and professional service firms. The Clark Adams Building meets all the prerequisites for an exceptional oppor- tunistic investment; current vacancy, attractive basis, substantial development potential, an extremely favorable financing environment and a realistic and readily achievable exit strategy. The Property is currently 63.0% occupied and includes ground floor retail tenants in Starbucks and Native Foods. This invest- ment offers a rare value-add opportunity to acquire a well-located downtown Chicago office building with significant upside potential through: + Refurbishing the lobby to include a prominent reception desk, enhanced lighting and grandiose ceilings + Creating a fully-amenitized second floor comprised of a fitness center, conference room(s) and luxury tenant lounges + Reconditioning the distinctive clad brick exterior to renew the building’s neoclassical characteristics + Constructing outdoor tenant lounges/patios on applicable floors to cap- italize on untapped amenity space + Upgrading and repositioning the Property as a prominent creative office space or redevelop to multi-housing + Lease up of the existing vacancy Photo Credit: CoStar 2 EXECUTIVE SUMMARY HANCOCK TOWER TRUMP TOWER AMA PLAZA MARIANA TOWERS MERCHANDISE MART BURNHAM CENTER CHASE TOWER WILLIS TOWER WASHINGTON/WELLS BANK OF AMERICA FINANCIAL CENTER THE NATIONAL FEDERAL PLAZA QUINCY THE CLARK ADAMS BUILDING Remarkable Value-Add Opportunity The Clark Adams Building presents an excellent opportunity for Further, the Property represents a unique opportunity to acquire a an investor to lease approximately 100,000 SF of currently vacant well-located, storied property at a significant discount to replace- space, which along with contractual rent escalations has the poten- ment cost. Reproduction costs of a well-located asset with efficient tial to increase the net operating income from $1.4 million in year design would cost in excess of $538 per gross square foot to rec- one to a projected stabilized income of $6.6 million in year five. reate today. The soaring cost of construction in Chicago creates This represents a pro forma 340% increase in net operating income. an arbitrage opportunity between the escalated replacement costs The Property’s value orientation for this location combined with the and the Property’s projected residual value. diminishing supply of affordable vintage assets in the market will push 105 West Adams to the forefront of consideration for tenants. 3 EXECUTIVE SUMMARY RETAIL FINANCIAL Legal-Heavy Tenant Mix 4.7% 2.6% The Property’s rent roll includes quality large and small national, regional and local tenants from a variety of industries including CONSTRUCTION financial services, education, nonprofit, technology, construction, OTHER 5.3% 10.5% LAW and most notably, legal. 38.8% of the Property’s primary tenant 38.8% set is based in the legal sector. The Property’s next largest tenant TECHNOLOGY 2.9% types are non-profit (17.8%), education (17.3%), other (10.5%) and financial (4.7%). 105 WestAdams ’ dynamic floor plates lend well to small start-up companies while also providing room to grow NONPROFIT 17.8% within the building. EDUCATION 17.3% Exceptional Hotel Amenity Distinctive to the Property is the 430-room Club Quarters Hotel, which provides contemporary, effi- cient accommodations in an inviting atmosphere. Since opening in 2001, this modern hotel exceeds business and leisure travelers’ needs alike with its convenient location near businesses and govern- ment buildings as well as popular travel destinations such as the Symphony Center, Willis Tower, Grant Park and the Art Institute of Chicago. The hotel is complete with a 24-hour fitness center, self-ser- vice laundry and Club Living Room access, which provides guests additional space to work, relax or conduct meetings. TripAdvisor recognizes the Club Quarters Hotel with a Certificate of Excellence, which it awards to hotels that consistently earn great reviews from travelers. Photo Credit: CoStar 4 EXECUTIVE SUMMARY Transportation Hub The Clark Adams Building enjoys unrivaled connectivity within Chicago’s CBD. With a growing mobile workforce, modern tenants require the ease of access to local, regional, national and international transportation hubs, all of which are within close proximity to 105 West Adams. Occupants of the Property enjoy direct access to a number of the Chicago Transit Authority (“CTA”) train stations including Quincy, LaSalle/Van Buren, the Harold Washington Library and Jackson. O’Hare International Airport and Midway International Airport are also accessible in under 45 mintues via the CTA Blue Line and Orange Line routes. Chicago’s two largest commuter rail stations, Ogilvie Transportation Center and Union Station are also located within walking distance of the Property. Ogilvie serves as the terminus for three Metra routes operated by Union Pacific – the North, Northwest and West lines – which handle approximately 110,000 commuters each weekday. These lines service the majority of Chicagoland’s most affluent suburban communities, including the North Shore. Tenants and visitors to the Property can walk from Ogilvie Transportation Center to the Property in under 10 minutes. Union Station is the nation’s 3rd busiest train station and handles approximately 130,000 commuters each weekday. Tenants and visitors to the Property can walk from Union Station to the Property in under 10 minutes. The Clark Adams Building is located a short 5-10 minute drive from the Randolph Street on-ramp for I-90 and KINGSBURYI-94 that ST link the Chicago CBD to the greater Chicago metropolitan area and beyond. MILWAUKEE AVE HUBBARD ST NORTH WATER ST WATER ST KINZIE ST Merchandise KINZIE ST ST CLINTON Mart CANAL ST CANAL GREEN ST MICHIGAN AVE CHICAGO RIVER DRIVE COLUMBUS DESPLAINES ST WACKER DRIVE Clark/Lake State/Lake LAKE ST Lake Shore LAKE ST East Park Clinton Lake Access to I-90/94 Randolph/ RANDOLPH ST WABASH AVE WABASH RANDOLPH ST KENNEDY EXPRESSWAY KENNEDY Wabash 5-10RANDOLPH MINUTE DRIVE ST Washington/ Wells Ogilvie Transportation Center WASHINGTON ST WASHINGTON ST C 10 MINUTE WALK Washington Millennium Maggie Daley WELL ST H Park Park CTA Green Line I CHICAGO CBD MADISON ST MADISON ST Madison/ C LASALLE ST LASALLE HALSTED ST HALSTED CTA Brown Line CLARK ST Wabash A CTA Purple Line DEARBORN ST WACKER DRIVE WACKER Monroe MONROE ST G JEFFERSON ST MONROE ST ST STATE CTA Orange Line Heritage O CTA Pink Line CLINTON ST CLINTON Butler Green CTA Blue Line 90 ADAMS ST Park Adams/ CTA Red Line Field Union Metra Station Quincy Wabash R Metra Station 94 ST CANAL 10 MINUTE WALK JACKSON BLVD I JACKSON BLVD JACKSTON BLVD Jackson LAKE SHORE DRIVE V LaSalle/ E Van Buren R VAN BUREN ST VAN BUREN ST UIC-Halsted Clinton LaSalle Harold Grant Park WELLS ST Washington Library 290 EISENHOWER EXPRESSWAY CONGRESS PKWY Buckintgham5 Harrison Fountain HARRISON ST DESPLAINES ST BALBO AVE EXECUTIVE SUMMARY Ideal Location Located in the core of Chicago’s Central Loop, the Clark Adams Building is easily accessible to both vehicular and public transportation commuters. Interstate Highways 90, 94, and 290 as well as Lake Shore Drive are all located within one mile of the Property. Union Station and Ogilvie Transportation Center, which ser- vice more than 130,000 and 105,000 daily passengers respectively, are both located half a mile from the Property. Additionally, sta- tions for each of Chicago’s public train lines, which serve 750,000 city commuters daily, are all within two blocks of 105 West Adams. A Divvy station is also situated just steps from the building. Given the Property’s central loca- tion, the Clark Adams Building boasts a near perfect Walk Score© of 99 and perfect Tran- sit Score© of 100. Historic Building with Iconic Architecture Collectively known as the Burnham Brothers, Daniel Hudson Burnham Jr. and Hubert Burnham, sons of the famed Daniel Burnham, designed the Bankers Building in 1927. When it opened, the building rose nearly 200 feet above the great dome of Henry Ives Cobb’s Federal Courthouse across the street. At 476 feet tall, the Property remains the tallest Chicago building to be clad entirely in brick. The Property’s design produces ideal open floor plans for tenants, and the numerous windows contained in the Property’s upper floors produce remarkable views of Chicago’s gov- ernment and financial sectors. The Burnham Brothers are also known for designing the Carbide and Carbon Building, a Chicago landmark located at 230 North Michigan Avenue, as well as the Engineering Building located at 205 West Wacker Drive.
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