10 N. Dearborn - Chicago, IL
Within three weeks, arranged the all-cash purchase of an 11-story, 80,300 rsf, boutique office building for $10.5 million ($131 psf) centrally located in Chicago loop CBD. Negotiated a 20% discount from contract price for year-end close.
Business plan included $3.0 million upgrade of building infrastructure and tenant spaces to increase occupancy to 93% from 71% at purchase.
10 N. Dearborn was sold to incoming tenant in August 2015. Purchase option was not exercised. Occupancy was increased to 97% by sale date.