601W signs four new tenants to previously struggling West Loop office building

A debt restructuring and a resurgent Downtown helped 601W reverse 550 West Jackson’s fortunes

TRD CHICAGO /
May.May 13, 2019 02:00 PM
550 West Jackson Boulevard (Credit: Telos Group)

550 West Jackson Boulevard (Credit: Telos Group)

601W Companies signed four new tenants in its office complex at 550 West Jackson Boulevard, breathing new life into a building that has struggled financially recently.

The New York-based firm will lease over 140,000 square feet to the four companies, with half of that space going to the building’s new anchor tenant, insurance company W.R. Berkley, according to Crain’s. Also inking leases were Live Nation/Ticketmaster, Collins Engineers and electronic payment company Verifone.

The new leasing activity signals a turnaround for a building that had performed poorly since 601W acquired it just before the recession.

601W bought the 18-story, 407,000 square-foot building for $125 million in 2005, according to Crain’s. The firm refinanced the property with a $97.5 million loan in 2007, but the economic recession and slow leasing activity helped send the loan into receivership.

Early last year, 601W took out a new, $87.7 million mortgage on the property, with plans for a $12.5 million renovation.

With the new tenants, the building is now 85 percent leased, up from 61 percent in July, according to Crain’s.

The building sits in an area of the Loop that’s seeing a resurgence of office leasing and development. That includes 601W’s overhaul of the massive Old Main Post Office nearby, and Blackstone’s $668 million upgrade of the Willis Tower. [Crain’s]Joe Ward 


Related Articles

arrow_forward_ios
Lendlease's Ted Weldon with No. 9 West Walton and One Bennett Park (Credit: iStock , JDL, Highrises)

Lendlease’s head of Chicago development talks urban regeneration, building a community within a complex and more

Luxury Living Chicago Realty CEO Aaron Galvin and downtown Chicago

Top rental broker Aaron Galvin predicts rental shortage by 2022

500 West Monroe Street and Spear Street Capital founder John Grassi (Credit: Google Maps)

Downtown office tower trades for $412M

Renderings of Millennium on LaSalle  

This office-to-luxury rental deconversion just got a big loan

Clockwise from left: 123 S. Peoria St., 2643 N. Hermitage Ave. and 3754 N. Janssen Ave.

Here are the priciest resi listings in Chicago from last week

From left: 1109 W. Washington Blvd., 1943 W. Cortland St., 2753 N. Hampden Ct. (Credit: Redfin)

Here are the priciest resi sales in Chicago this week

The planned Standard Hotel at 1234 W. Randolph and Marquette Companies’ planned apartment building at 1440 W. Randolph St. in the Fulton Market District

Despite approvals, Fulton Market projects under fire

Corey Crawford and Hayden West Loop at 1109 West Washington Boulevard (Credit: Getty Images)

Corey Crawford ID’d as buyer of $4M Hayden West Loop condo

arrow_forward_ios
Loading...