Canadian Firm Acquires Central Loop Office Tower
Slate Office REIT is nearing a deal for 20 South Clark St. in what will be the first eight-figure office trade of the year in the central business district. Pending closing conditions, Slate will pay $85.6M for the 31-story building, which breaks down to $225/SF.
The seller, Exan Capital, bought the building from M&J Wilkow for $72.2M in August 2016, according to Cook County property records. Wilkow handles property management duties for the building. The building's anchor tenant is the law firm Adler, Murphy & McQuillen, and the Girl Scouts of Greater Chicago has its headquarters in the building.
Slate is getting a building that is 84% leased and has room to expand rent spreads. The average weighted lease term is five years, and in place rents are 18% below market rates. Slate CEO Scott Antoniak said 20 South Clark is the first step in the REIT's U.S. expansion strategy.