Slate Office REIT Snags $86M Chicago Asset
- Jan 05, 2018
Slate Office REIT has acquired 20 South Clark St. in downtown Chicago for $85.6 million. According to Yardi Matrix, the previous owner was Exan Group. The purchase is slated for completion in the first quarter of 2018 and was bought using existing balance sheet liquidity and new debt financing.
The 379,903-square-foot property offers 31 stories. Originally built in 1970, the building underwent cosmetic renovations in 2006 and again in 2015. The asset is LEED Silver certified and transit-oriented, with five stations located within a quarter mile radius. Located in downtown’s Central Loop submarket, the property is 84 percent occupied with a weighted average lease term of five years.
“We are excited to acquire a high-quality well-located asset in downtown Chicago that offers such attractive returns,” said Scott Antoniak, CEO of Slate Office REIT, in prepared remarks. “The acquisition of 20 South Clark is a first step in our US expansion strategy. We believe the Chicago market provides ample opportunity for future expansion.”
Image courtesy of Yardi Matrix