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150 North Wacker Drive

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150 North Wacker Drive Click here to view a brief video featuring 150 North Wacker Drive EXECUTIVE SUMMARY Holliday Fenoglio Fowler, L.P. (“HFF”) Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to present the sale of the 100% fee simple interest in 150 North Wacker Drive (the “Property”) located in the heart of Chicago’s Central Business District’s (“CBD”) most desirable submarket, the West Loop. The 31-story office tower is located one block east of Chicago’s Ogilvie Transportation Center on Wacker Drive – the home to many of Chicago’s most prestigious firms. The Property, consisting of 246,613 rentable square feet (“RSF”), is currently 91.9% leased and offers a significant mark to market opportunity in a best-in-class location on Wacker Drive. The Property is easily accessible via three major highways and the Chicago Transit Authority’s (“CTA”) transit and bus system, yet is still located in one of the most walkable areas of the city. Given the extensive common area renovations and recent leasing momentum, 150 North Wacker is a truly unique investment opportunity to acquire a rare asset with a premier Wacker Drive address and significant upside potential. KEY PROPERTY STATISTICS Location: 150 North Wacker Submarket: West Loop Total Rentable Area: 246,613 RSF Stories: 31 Percent Leased: 91.9% Weighted Average Lease Term: 4.0 Years Date Completed/Renovated: 1970/2002/2015 Average Floor Plates: 9,300 RSF Finished Ceiling Height: 8'9'' Slab to Slab Ceiling Height: 11'8'' Architect: Joel R. Hillman Parking: 134 Parking Stalls; Valet facilitates up to 160 Vehicles Transit Score: 100 Walk Score: 98 2 EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS NO. 1 Recognizable Wacker Drive and Chicago River Location NO. 2 Extensive High Quality Lobby and Common Area Renovations NO. 3 Tremendous Leasing Momentum with Mark to Market Potential NO. Immediate Access to World Class Transportation 4 Infrastructure, Including Union and Ogilvie Metra Stations NO. 5 Rare Opportunity Due to Scarcity of Product NO. 6 Best Performing Office Submarket 3 TREMENDOUS RECENT LEASING SUCCESS COMBINED WITH STRONG TENANT RETENTION 150 North Wacker has experienced tremendous leasing momentum following the $3.3 million in capital invested by current ownership in upgrading the lobby, elevator cabs and common areas. In the last 12 months, there has been over 53,000 RSF of leasing activity, including both new deals and renewals, accounting for over 21% of the Property’s rentable area. SafeSpeed, a prominent existing tenant, executed a notable expansion and extension of their space, expanding to over 18,000 RSF, taking two full floors. 150 North Wacker is strategically positioned to attract creative tenancy and younger, service oriented workers given the floor plates are ideal to accommodate small and mid-sized companies. The floor plate size also allows for prominent tenant identification, a desired feature for growing firms. The proximity to both Ogilivie Transportation Center and Union Station, along with 3 CTA stops, positions tenants in a central location, which is also essential for companies to establish a downtown presence. Additionally, 150 North Wacker offers breathtaking views from all levels of the building, including most of the low-rise portion. New tenancy at 150 North Wacker includes a diverse mix of companies from investment management, digital and information technology industries. 12 MONTH TENANT ACTIVITY – TENANT INDUSTRY DIVERSITY 8% Business & Consulting Services 6% Technology 3% Healthcare 2% Legal Services 3% Retail/Non-Profit/Financial Services (1% each) TENANT LEASING ACTIVITY OVER THE LAST 12 MONTHS ACCOUNTS FOR 21% OF PROPERTY'S RENTABLE AREA AND TENANTS REPRESENT A WIDE RANGE 21% OF INDUSTRIES 79% (Existing Tenancy) 4 EXECUTIVE SUMMARY CURRENT % OF TENANT TENANT RSF RSF SINCE TENURE BUSINESS TYPE 20 YEAR CLUB Starbucks 1,424 0.6% Mar-88 29.2 years Retail - Coffee Shop Kane, McKenna Associates 4,014 1.6% Oct-89 27.6 years Financial Services James Paul Costello & Associates 4,574 1.9% Apr-92 25.0 years Law Firm Bialystock & Bloom 3,359 1.4% May-95 21.9 years Law Firm Chicago & Cook County Bldg. Trades Council 2,139 0.9% Sep-95 21.6 years Trades Union 20 Year Club Subtotal 15,510 6.3% 15 YEAR CLUB Goldstein, Aiossa & Good 1,177 0.5% Jul-98 18.7 years Law Firm KMR Group 3,116 1.3% Oct-98 18.3 years Mgnt. Consulting Steven B. Salk & Associates 3,027 1.2% Feb-00 17.1 years Law Firm 15 Year Club Subtotal 7,320 3.0% 10 YEAR CLUB Hometown America 18,330 7.4% Jun-02 14.7 years Real Estate Firm Bronson & Kahn 5,338 2.2% Oct-02 14.4 years Law Firm Flanders Export Promotion 1,583 0.6% May-03 13.7 years Financial Services 10 Year Club Subtotal 25,251 10.2% 7 YEAR CLUB Able Engineering 4,862 2.0% Feb-08 8.7 years Engineering Firm Michael Reese Health Trust 3,037 1.2% Jun-08 8.6 years Non-Profit Org. Signium International 877 0.4% Jan-09 8.0 years HR Consulting Expedia, Inc 4,781 1.9% Mar-09 7.9 years Travel Services AC Advisory 4,371 1.8% Jun-09 7.9 years Financial Services Cardinal Investment Advisors 1,904 0.8% Aug-09 7.3 years Financial Services 7 Year Club Subtotal 19,832 8.0% Due to the Property’s strategic location within the Chicago CBD and superior amenity package, transportation and tech ecosystem, 150 North Wacker has exceptional tenant retention. 17 tenants have been at the Property for over 7 years and occupy nearly 28% of the Property’s rentable area. This ensures stable cash flow from tenants in a wide range of diverse industries. 5 OUTSTANDING AMENITIES 150 North Wacker offers a competitive set of on-site amenities expected from a Class A trophy property, rivaling those offered by many competitive buildings. These amenities include breathtaking views of the Chicago River, a Starbucks coffee shop, a newly constructed fitness center, on-site management FITNESS CENTER staff, an on-site conference center, a riverfront terrace and a 4-story covered parking garage with valet service. There is also an excess of 10,000 spaces located in public parking garages and surface lots within a three-block radius of the Property. In addition to these existing amenities, an investor has the opportunity to further amenitize the Property by constructing a tenant/Wi-Fi lounge and a larger tenant conference center. Given to the existing black iron included at the Property, the storage vacancy in the lower level can be combined to house a potential restaurant or catering company, which is an excellent use of the otherwise non-rentable space. This prized Chicago riverfront location can result in significant income, given the scarcity of prime retail space on Wacker Drive. STARBUCKS & RIVERFRONT TERRACE TENANT CONFERENCE ROOM 6 EXECUTIVE SUMMARY IRREPLACEABLE & RECOGNIZABLE WACKER DRIVE ADDRESS 150 North Wacker Drive is located on the northwest corner of North Wacker Drive and West Randolph Street overlooking the beautiful Chicago River. Wacker Drive is Chicago’s most prestigious corporate address and is recognized throughout the world as the location of landmarks such as the Willis Tower, the Chicago Mercantile Exchange, the Chicago Civic Opera House and others. The Wacker Drive corridor serves as the corporate address of some of Chicago’s – and America’s – largest and most successful companies, including CME Group, Deloitte, Ernst & Young, Goldman Sachs, IBM, MillerCoors, PricewaterhouseCoopers, UBS, United Airlines, Charles Schwab and Wells Fargo. Tenants are attracted to Wacker Drive due to the proximity to commuter transportation options along with the abundance of light and air offered by the wide Wacker Drive to the east and Chicago River to the west. The continual westward shift of downtown’s “heart” away from Lake Michigan and further into the West Loop further enhances the Property’s position as an ideal location for office users. Further, because almost all the properties along Wacker Drive are owned by long-term institutional investors, the acquisition of 150 North Wacker is a truly generational opportunity. RIVERFRONT TERRACE PREMIER WEST LOOP LOCATION WEST LOOP VACANCY 150 North Wacker Drive is located at the heart of Chicago’s West Loop submarket, the most dynamic DROPPED TO and fastest growing in the CBD. The West Loop submarket contains 38.0 million RSF of Class A and 10% B office space, which accounts for 29% of the total Chicago CBD inventory. With highly amenitized lowest in office space and great access to public transportation, the West Loop is the preferred location for 15 years office tenants. Accordingly, the submarket has a high concentration of office using employment, and benefits from the multitude of finance, insurance, real estate and business services jobs. Tenant demand for Class A space in the West Loop clearly outpaces tenant demand for space in the other downtown submarkets. A number of corporate relocations have occurred and most of these companies have chosen West Loop as their new home, most notably Google, Gogo Wireless, and SC Johnson. Most recently, McDonald’s announced the relocation of their corporate headquarters to the West Loop. As such, West Loop Class A office buildings achieve rental rate premiums and lower vacancies than comparable properties in the rest of the Chicago CBD. In 3Q 2016, the West Loop office submarket saw over 135,000 RSF of positive absorption, with the vacancy rate dropping to 10.0%, the lowest level in the past 15 years. 7 UPSIDE POTENTIAL The wide gap between asking rents at 150 North Wacker and market rents for competitive assets on the North Wacker Drive MARKET LEADING ASSET corridor provides an opportunity for a new investor to increase NO.
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