Distressed Office AcquisitionChicago, IL

The Challenge:

  • This 140,000-square-foot Class B+ building with underground parking in the suburbs of Chicago was in need of recapitalization.
  • The challenge was to bring in fresh equity and cut a deal that made sense with both the borrower and the lender.

The Result:

  • Nigel Keenan helped source this investment opportunity, and purchased it directly from the bank in a short sale.
  • The purchase price was approximately 60% below replacement cost.
  • Risk was mitigated by a guaranteed termination fee of $10/square foot from a 100,000-square-foot tenant if they decided to terminate their lease early.
  • Sold as part of larger portfolio sale just 12 months later.
  • Total unlevered return of more than 20% on invested capital (debt + equity).

At A Glance 

$10 million

investment (debt +equity)

> 20%

unlevered return

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