{"id":1004565816,"date":"2022-02-02T05:35:23","date_gmt":"2022-02-02T13:35:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004565816"},"modified":"2022-12-08T17:19:16","modified_gmt":"2022-12-09T01:19:16","slug":"nightingale-snaps-up-west-loop-office-tower-for-130m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nightingale-snaps-up-west-loop-office-tower-for-130m\/","title":{"rendered":"Nightingale Snaps Up Chicago Office Tower for $130M"},"content":{"rendered":"
\"\"<\/a>

200 W. Jackson Blvd.<\/p><\/div>\n

Nightingale Properties<\/strong> has acquired 200 W. Jackson, a LEED Silver Certified Class A office tower in Chicago\u2019s CBD. A joint venture between Angelo, Gordon & Co. <\/strong>and White Oak Realty <\/strong>sold the 480,000-square-foot asset. The Nielsen-anchored boutique office property traded for $130 million, according to market sources.<\/p>\n

To fund the acquisition, Nightingale selected CrowdStreet<\/strong> to raise $25 million from its investors. The oversubscribed investment marked the largest equity raise for an office property for the online crowdfunding vehicle.<\/p>\n

Additional funding included an $86 million CMBS loan originated by Citibank <\/strong>along with a $17 million mezzanine mortgage provided by Kawa Capital Management<\/strong>.<\/p>\n

Located in Chicago\u2019s popular West Loop submarket, the building is adjacent to Willis Tower<\/a> and easily accessible by train. The CTA\u2019s Quincy station is directly adjacent to the property.<\/p>\n

\n

READ ALSO: <\/strong>How Crowdfunding\u2019s Reach Is Widening <\/a><\/p>\n

\n

A strong tenant roster<\/h2>\n

The multi-tenant office tower includes 7,800 square feet of ground-floor retail space. At the time of the sale, 200 W. Jackson was 83 percent occupied, with a long weighted average lease term of 9.5 years. Approximately 80,000 square feet were available for lease.<\/p>\n

Among others, the tenant base includes Great Point Capital, FGM Architects and Chicago Electrical Co., CommercialEdge<\/strong> data shows. In 2017, the anchor tenant, Nielsen, signed a 215,000-square-foot lease, tripling the space occupied in the building, according to Crain’s Chicago Business. <\/em><\/p>\n

Renovations planned<\/h2>\n
\"\"<\/a>

200 W. Jackson Blvd.<\/p><\/div>\n

The 29-story office property built in 1971 underwent a complete renovation in 2005, followed by further upgrades in 2016, the same data provider shows. Nightingale Properties also plans to invest in capital improvements at the tower.<\/p>\n

Since 2016, the current sellers invested $50 million to renovate the property, with upgrades including new curtain walls, a redesigned lobby, along with an enhanced amenity space on the 28th floor, designed by Wright Heerema Architects. Amenities include a lounge equipped with Wi-Fi, conference rooms, an indoor\/outdoor terrace dubbed the Notch, a coffee bar, a fitness center, locker rooms and bike storage.<\/p>\n

The Chicago CBD office market closed 2021 on a high note, after recording its first quarter of positive absorption since 2020, according to the latest JLL<\/strong> office report.<\/p>\n

Will Hutton, director of acquisitions & capital markets at Nightingale Properties, said in prepared remarks that the company is bullish on the metro’s office market as tenants increasingly look for high-quality office product in the post-COVID-19 environment.<\/p>\n","protected":false},"excerpt":{"rendered":"

CrowdStreet provided part of the acquisition funding.<\/p>\n","protected":false},"author":1763,"featured_media":1004565820,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,13,21742,21747],"tags":[36132,33457,51147,37052],"class_list":["post-1004565816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midwest","category-latest","category-office","tag-angelo-gordon-and-company","tag-citibank","tag-crowdstreet","tag-nightingale-properties"],"acf":[],"yoast_head":"\nNightingale Snaps Up Chicago Office Tower for $130M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Nightingale Properties acquired 200 W. 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Jackson in Chicago's West Loop with equity provided by CrowdStreet investors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nightingale-snaps-up-west-loop-office-tower-for-130m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-02T13:35:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:19:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/200-W.-Jackson-Blvd.-e1643799867580.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"982\" \/>\n\t<meta property=\"og:image:height\" content=\"737\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Agota Felhazi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nightingale-snaps-up-west-loop-office-tower-for-130m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/nightingale-snaps-up-west-loop-office-tower-for-130m\/\",\"name\":\"Nightingale Snaps Up Chicago Office Tower for $130M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nightingale-snaps-up-west-loop-office-tower-for-130m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nightingale-snaps-up-west-loop-office-tower-for-130m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/200-W.-Jackson-Blvd.-e1643799867580.jpg\",\"datePublished\":\"2022-02-02T13:35:23+00:00\",\"dateModified\":\"2022-12-09T01:19:16+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/bd1ef74130b86a7c6013eaa04b08b28d\"},\"description\":\"Nightingale Properties acquired 200 W. 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