LaSalle Provides Renovation and Leasing Update for 123 North Wacker Drive
CHICAGO (February 26, 2018) — LaSalle Investment Management (“LaSalle”) today announced an update on the renovation and leasing activity at 123 North Wacker Drive, a 30-story Class A office tower located in Chicago’s West Loop that LaSalle acquired in January, 2017. Following its purchase of the building, the firm embarked on a multi-faceted $30 million capital enhancement plan that will deliver a new lobby and entrance, along with several new cutting-edge amenitized spaces and upgraded building systems. The newly revitalized building is positioned to attract tenants looking for value relative to new construction prices in a prime location in the West Loop submarket. Over the past 12 months, more than 60,000 square feet of new leases and renewals have been completed, bringing the building’s occupancy profile up significantly.
Additionally, the Chicago Bears have signed an 11,000-square-foot lease at 123 N. Wacker Dr. Bears staff members currently based out of Soldier Field will relocate to the new office space in summer of 2018; the Bears will continue to retain their existing office space at Soldier Field.
- View images and renderings: http://bit.ly/LaSalle-123-N-Wacker-Drive-Images-Renderings
Ty Spearing, Managing Director at LaSalle, commented: “We are pleased with the leasing momentum and renovations that have occurred at 123 N. Wacker Drive thus far, and are confident this building offers a compelling mix of value, location, unique amenities, technology, and design style to appeal to a diverse range of tenant users.”
Additional renovation plans for the property include:
Completed and Open
- State-of-the-art tenant fitness center and studio with personal daily laundry service (download image)
- Multiple move-in ready pre-built spec suites (view virtual reality tour) (download image)
- New multi-tenant floor finishes, including the elevator lobby, corridors, restrooms (download image)
To be Completed in 2018
- Top Floor indoor/outdoor tenant lounge with 20 foot ceilings and 10 foot high NanaWall system (end of 2018) (download image)
- Top Floor conferencing center (end of 2018) (download image)
- 28th Floor private tenant roof deck (end of 2018) (download image)
- Main lobby and entrance renovation (end of 2018) (download image)
- Bicycle storage and repair center (March, 2018)
- Elevator modernization (end of 2018)
- Corporate and personalized concierge services (end of 2018)
- Distributed Antennae System (2018/2019)
- Barista bartender with daily espresso and infused coffee service
Situated on the southeast corner of Randolph Street and Wacker Drive, 123 North Wacker Drive benefits from an A+ location within the upper portion of the city’s West Loop and is considered “ground zero” for tenant demand preference, as the wave of suburban corporate relocation to Chicago’s CBD remains strong.
The property is also located within direct proximity to mass transit hubs such as Union Station, two blocks from Ogilvie Transportation Center and multiple CTA stations, while providing convenient access to both I-90/94 and Lake Shore Drive. The Randolph Street and Wacker Drive intersection is among the top Chicago Loop locations for foot traffic, with more than 25,000 pedestrians passing the property daily during the work week. In addition to numerous restaurants catering to the daytime work population, the property sits between the River North entertainment district, Randolph Street's popular restaurant row, Chicago’s new Riverwalk extension, the rapidly expanding Fulton Market District, and within a block of Chicago’s four newest luxury high rise office developments.
LaSalle completed the acquisition of 123 N. Wacker Drive in January, 2017, on behalf of its flagship U.S. closed-end, value-add fund series, LaSalle Income & Growth Fund VII.
About LaSalle Income & Growth Funds
The LaSalle Income & Growth funds are the firm’s flagship closed-end U.S. value add fund series, with the first fund in the series launched in 1996. Aggregate fund series capital commitments total $2.6 billion, with over $5.7 billion invested in over 98 property investments across all funds in the series. Fund VII seeks to acquire under-managed, under-capitalized, or mispriced assets to be repositioned as core assets. Property level-investment strategies include lease-up, renovation/repositioning and ground-up development.
About LaSalle Investment Management
LaSalle Investment Management, Inc. (together with its global investment advisory affiliates, “LaSalle”) is one of the world’s leading real estate investment managers. LaSalle on a global basis manages approximately $58 billion as of Q4 2017 of private and public equity and private debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
This information is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made by means of a private placement memorandum. Past performance is not indicative of future results.