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8600-8700 W Bryn Mawr AveChicago, IL 60631
Presidents Plaza
Asset ClassOffice
overview of deal

Overview

Cushman & Wakefield U.S., Inc. has been retained as exclusive advisor and agent to offer for sale to qualified investors the 100% fee simple interest in Presidents Plaza (the “Property”), a strategically located, modern and highly efficient, two-building, trophy office campus located at 8600 and 8700 West Bryn Mawr Avenue within the O’Hare office submarket in Chicago, Illinois. Located within the boundaries of Chicago proper, the Property is a brochure-quality office asset, featuring an unmatched suite of amenities paired with a coveted Chicago address. Recent investments by ownership total over $33.9 million to shape the Property to fit an aesthetic that is comparable to a five-star hotel or new construction apartment complex. Situated just east of the Tri-State Tollway (I-294) and directly south of the Kennedy Expressway (I-90), the Property benefits from an infill location, providing direct access to public mass transportation (including both light-rail rapid transit and heavy-rail commuter trains) as well as immediate accessibility to O’Hare International Airport.

 

The Property’s outstanding offering of on-site amenities, coupled with extensive dining, entertainment, and retail venues in the immediate vicinity, create a truly vibrant environment that today’s tenants demand. Originally constructed in 1980 and 1983 with renovations completed most recently in 2019, Presidents Plaza consists of two buildings, each with two distinct towers linked by a three-story glass atrium, totaling 831,442 rentable square feet that is currently 63% leased. The Property has experienced unmatched momentum with over 520,000 square feet of leasing (new and renewals) since 2018. As a result of this leasing momentum, the asset features a tenant roster that is highly diverse with 44 tenants at an average size of just 10,140 rentable square feet, mitigating concentration in any single tenant or industry. The granular rent roll includes only one year of double-digit rollover over the next nine years with a maximum annual rollover exposure of just 5% of net rentable area during the next five years.

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Investment Highlights

  1. Suburban Chicago's Most Dynamic Asset
  2. Infill, Transit-Oriented Location With "Live, Work, Play" Surroundings
  3. Market-Leading, Amenity-Rich, Trophy Office Asset
  4. Robust Leasing Activity Leading To A Carefully Curated Tenant Roster
  5. Infill And Transit-Oriented Outperformance
  6. O'Hare and Trophy Dominance Within The Suburban Market
  7. The Power Of Resetting Basis
  8. Discount-To-Replacement Cost

Property Overview

Salient Facts
Year Built/Renovated
1980 & 1983 / 2019
Stories
North Towers 10, South Towers 12
Net Rentable Area
831,442 SF
Net Rentable Area (Above Grade)
756,904 SF
Floor Plate Sizes
13,900 SF - 40,700 SF
Parking Ratio (Spaces/1,000 SF Above Grade)
3.01/1,000 SF
Lot Size
13.49 Acres
% Leased
62.9%
# of Tenants
44
Avg. Tenant Size
10,410 SF
Wtd. Avg. Remaining Lease Term
5.3 Years
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8600-8700 W Bryn Mawr AveChicago, IL 60631

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Listing provided by Revere CRE