200 South Wacker
June 2011 - December 2013
754,750 sq. ft.
- Recapitalization of a Class A building on Wacker Drive, Chicago’s preeminent office location. The asset was labeled a “zombie” building by the market and Pearlmark was offered the opportunity to quickly re-establish the property through renovation, property management and leasing activities
- Acquired at an all-in basis representing a significant discount to sales comparables
- Negotiated recapitalization structure where the existing owner held 10% of the asset, and an institutional investor and Pearlmark each held 45%
- Completed approximately 416,000 sq. ft. of gross leasing and $10 million capital improvement program, including a lobby and common area renovation and the addition of a new tenant amenity center with a rooftop patio