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Executive Summary
1901-1.0236.40B.jpg
© Connor Steinkamp Photography
CS West Loop Stock Photography: 7.16.20
© Conno
r Stei
nkam
p Pho
tograp
hy
Magnificent & Award-Winning
492-Home Class A Apartment Building
Generational Opportunity
Chicago’s West Loop
1901-1.0236.40B.jpg
© Connor Steinkamp Photography
CS West Loop Stock Photography: 7.16.20
© Conno
r Stei
nkam
p Pho
tograp
hy
Iconic Architecture
& Award-Winning Design
Irreplaceable 492-Home
Luxury Apartment Building
Generational Opportunity to
Own a Piece of Chicago’s Skyline
Tallest Tower in the West Loop, Chicago’s
Most Dynamic Neighborhood
1
Property SummaryStreet Address 727 W Madison StCity, State Chicago, IL 60661County CookNumber of Stories 45# of Homes 492Rentable SF 387,305 Avg. Home Size 787 SF Rent Type 100% Market RateRetail SF 10,590 Occupancy MH: 87%; Retail: 67%Year Built 2018Parking 365 SpacesFinancing Available ‘All-Cash’
Unit Mix Summary
Count Sq. Ft.Market
RentPSF
Studio 65 493 $1,940 $3.94 Conv 65 572 $2,235 $3.91 1 Bed 269 770 $2,899 $3.76 2 Bed 76 1,108 $4,122 $3.72 3 Bed 17 1,569 $5,716 $3.64 Total/Avg 492 787 $2,971 $3.77
Overview:Exceptional & Award-Winning
Jones Lang LaSalle (“JLL”) is pleased to present Chicago’s finest—727 West Madison—a newly constructed 492-home luxury high-rise apartment building perfectly situated in the West Loop. Boasting a 98 Walk Score, the property is the new cornerstone of Chicago’s “it” neighborhood. Residents at this dazzling building enjoy an ideal live-work-play lifestyle surrounded by state-of-the-art offices and new Fortune 500 headquarters, a foodie haven on nearby Restaurant Row, top entertainment and activity, and two neighboring grocery stores. The award-winning asset features the best views in the West Loop, masterful architecture, condo-quality finishes and fixtures, and almost 40K SF of amenities rivaling those at the most luxurious hotels.
2 Executive Summary
1901-1.8531.tif
© Connor Steinkamp Photography
727 W. Madison Stock Photography
Chicago’s Finest AssetAwarded “Best New Building” in Chicago • 40K SF of Amenities
100% Market Rate • 5-Star Average Resident Reviews
Chicago’s Best LocationTop 20 Coolest Neighborhood in the World - the West Loop • 98 Walk Score
Top Office & Restaurants within 10 min walk • Adjacent to Whole Foods
Chicago’s Elite$180,000 Avg. Resident HHI • 20% Rent-to-Income Ratio • Submarket
population tripled since 2000 • Recession Resilient Resident Employers
A new glass tower has emerged in the West Loop, soaring above the vibrant neighborhood and glittering in the sunlight.
- Chicago Tribune“ “
Highlights:Best & Brightest
3Executive Summary
Amenities:Scale & Sophistication
Expansive Top-Floor Resident Lounge with Sweeping City Views
Gorgeous Private Spaces Generate $30k+ in Revenue
2,400 SF | 45th floorAward Winning Design
State-of-the-art TV/Media Theater
727 Sky Lounge727 Sky Lounge
Elegant Resident LibraryPrivate Party Room with Demo Kitchen
4 Executive Summary
Amenities ⬭ Gorgeous Swimming Pool & Spa
⬭ Cabanas & Expansive Sundeck
⬭ Outdoor Grills & Prep Stations
⬭ Sky Lounge and Private Rooftop
⬭ Club Room with Billiards
⬭ Private Conference & Party Rooms
⬭ Fitness Center with Yoga Studio
⬭ TV/Media Theater
⬭ Golf Simulator
⬭ Dog Park & Pet Spa ~20K SF Award-Winning Outdoor Terrace
~17.5K SF of Best-In-Class Interior Amenity Space Accommodating WFH Residents
60 ft Pool
Conveniences ⬭ 24-hour Concierge & Maintenance
⬭ On-site Retail
⬭ Car Charging Stations
⬭ Package Lockers
⬭ Secured Parking
⬭ Adjacent to two grocery storesResident Game Room
Yoga Studio
Spatious Coworking Space
Surrounded by Cabanas & an Expansive Sundeck
Top Fitness Equip. Brands & Free weights
1,500 SF
5Executive Summary
Interiors:Purpose & Personality
Magnificent Unobstructed Skyline Views
727 West Madison homes feature condo-quality fixtures and finishes complemented with floor-to-ceiling windows, modern design schemes, and electronic keyless entry. The curvature of the building invites an abundance of natural light, and offers extensive views creating an unmatched living experience.
Ultra-Luxe Gourmet Kitchens
⬭ Quartz Countertops ⬭ Stainless Steel Appliances ⬭ French-Style Double-Door Refrigerators ⬭ Premium Soft-Close Cabinets
& Drawers ⬭ Movable Islands* ⬭ 5-burner gas range
*Select Units
6 Executive Summary
Frameless Standing Showers with Marble Surround & Bathroom Flooring* Models Accessorized by Popular Designers
Walk-in Closets with Shelving SystemsPlank Flooring Throughout
Expansive Penthouse with Breathtaking Views
Beautiful Interiors
⬭ Floor-to-Ceiling Windows ⬭ Window Treatments with
Blackout Shades ⬭ 9’ Ceilings
7Executive Summary
City’s Best New Building ⬭ Friends of Downtown winner in 2019
4 Home Builders Association of Greater Chicago Awards
⬭ Multifamily Apartment Urban Complex ⬭ Amenity Design for Urban Complex ⬭ Interior Design - Community Space ⬭ Outdoor Spaces - Pools, Spas & Water Features
2 CAMME Awards Chicago Apartment Association
⬭ Innovative Design ⬭ Studio/Convertible Model Under $15,000
The West Loop’s tallest building is an unmistakable masterpiece designed by FitzGerald + Associates Architects and developed by F&F Realty and Fifield. From its glittering exterior presence to bespoke interiors curated by Morgante Wilson and Studio K, the building has earned seven awards and a majestic place in Chicago’s skyline.
Art & ScienceArchitecture:
8 Executive Summary
Youth & AffluenceDemographics:
727 West Madison residents outshine even stellar West Loop & downtown demographics
48% of residents have less than a 15-min commute
25% of residents walk to work
Top Resident Employers
20%
6%8%
14%
13%
21%
4%4%
6%
2%3%
Admin
Finance/Accounting
Medical
Professional
Real Estate
Sales
Self-Employed
Student
Technology
Other
Majority ofResidents
in ResilientIndustries
Resident Employment
Resident Demographics ⬭ 32 Yrs Old Avg. Age ⬭ 20% Rent-to Income Ratio ⬭ Resident HHI is 10%> West Loop ⬭ Resident HHI is 26%> than Downtown Chicago
Ave
rage
Hou
seho
ld I
ncom
e
West Loop ⬭ 34 Yrs Old Avg. Age
⬭ 86% college educated
⬭ 164% increase in population since 2000
Downtown Chicago ⬭ 36 Yrs Old Avg. Age
⬭ 76% college educated
$180,000
$163,000
$143,000
Source: Esri, July 2020
9Executive Summary
P
§̈90
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W Lake St
W Adams St
W Randolph St
W Madison St
W Van Buren St
W Jackson Blvd
W Washington Blvd
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3 min walk
727 West Madison has outperformed its competition since delivering final units in 2019. The superior location, amenities, and interiors of this stunning 492-home building have resulted in impressive leasing trends with strong organic effective rent growth. The 100% market rate asset is positioned for continued success given significant barriers to entry in the West Loop for future developments.
Demand at Penthouse PricesThe Property’s lease-up is even more remarkable considering the popularity of the most expensive units. Of the 66 units rented for over $4,000 per month (13% of total), ~80% are leased, indicating heavy demand from renters-by-choice.
100% Market Rate
Units
Only 1% Corporate
Units
4% Increase in Eff.
Rents YoY
No Conc.Leased to 89%
without Concessions
High Barriers to EntryAffordable Housing Requirement: The 2017
ARO Pilot Program requires developments offer 20% of units at an affordable rate and onsite. Per earlier policy, 727 West Madison is 100% market rate.
Scarcity: Lack of desirable large-scale development sites limits future threat of competition.
Cost: Increased construction costs make it difficult to build, especially buildings of this magnitude.
Stable & StrongProperty Performance:
$8,000 Penthouse Leased
10 Executive Summary
On-Site Retail
3,047 SFNNN Lease
Lease Exp: 09/2029
1,914 SFNNN Lease
Lease Exp: 09/2029
2,082 SFNNN Lease
Lease Exp: 07/2030
67% Leased; Total 10,590 SF; 3,547 vacant SF
P
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W Adams St
W Randolph St
W Madison St
W Van Buren St
W Jackson Blvd
W Washington Blvd
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Quality & ConvenienceNecessities:
3 min walk98
Walk Score
11Executive Summary
BMO Tower/Union Station ⬭ Part of the +$1B Union Station redevelopment project
⬭ BMO HQ (~3.6k employees)
Willis Tower ⬭ 2nd Tallest Tower in US
⬭ $500M project providing new retail, dining, and entertainment
Old Post Office ⬭ Historic Chicago building, which has been vacant since 1996
⬭ $800M redevelopment project complete with 3.5-acre rooftop park, boxing ring, wedding venue space, and food hall
⬭ One of the nation’s largest redevelopments in history
10-min 15-min 15-min
Newest CBD Offices
90% of the 16.5M SF of new office buildings recently delivered or under construction within Metro ChicagoSource: Costar July 2020; 1-mi radius & metro Chicago, Class A and B, >40k sf
Innovative & IconicOffice Development:
1.5M SF 4.6M SF 2.8M SF
20-min
The Loop and West Loop has seen significant new office development and redevelopment of historic and landmark buildings creating incredibly unique and exciting office spaces. Just steps from 727 West Madison, these spaces are re-imagined for the next generation of office workers and feature amenities galore to draw residents to the CBD.
12 Executive Summary
Fulton Market O�ce District West Loop CBDO�ce Market
Southwest Economic Drivers
10 min10-15 min
15-20 min10-15 min
15-20 min
10 min10 min drive10 min drive
*
*
*
*River North O�ce Market
*
Employment:Fortune 500 & Tech
560k SF of Office | Fulton Market is home to cutting edge Fortune 500 headquarters and
boutique start ups.
3.9M SF of Office | The West Loop has quickly become Chicago’s largest office
submarket featuring the city’s newest towers, excellent public transportation,
and a dynamic new Riverwalk.
The Illinois Medical District, the largest medical district in the US including four hospitals, is a quick trip southwest of 727 West Madison. Residents can also access the United Center, home of the Chicago Bulls
and Blackhawks, traveling west along Madison Street and University of Illinois at Chicago walking south.
Chicago’s CBD Continues its Shift West
13Executive Summary
Chicago’s former meatpacking district is now the city’s most in-demand neighborhood and was named a Top 20 Coolest Neighborhood in the World by Time Out in 2018. The West Loop, which encompasses the very popular office micro market, Fulton Market, is a flourishing hot spot drawing thousands of residents annually to the numerous shops, bars, restaurants, and offices.
1900s 2012 20142010 2013 2015Landmark Status
Chicago City Council approves a landmark district restricting demolition of buildings in area
1KFulton
Google signs lease to move Midwest HQ to the 550,000 SF office development solidifying area as a bona fide office submarket
Restaurant Row Conception
Publican (2010), Girl & the Goat (2012), Au Cheval (2013)
Soho House
Hotel and private club open in former rubber belt factory on Green Street (2014)
CTA Station
$40 million CTA Green/Pink Line ‘L’ station (2012)
Meatpacking District
Beginning in early 1900’s serving as Chicago’s meatpacking, warehouse, and industrial hub
Hip & ThrivingWest Loop/Fulton Market:
14 Executive Summary
2016 2018 2019+2017 2018 2019Blue Chip Relocation
McDonald’s to move HQs to former Harpo Studios site
$20M Fulton Market Streetscape Project for pedestrian friendly improvements
Millions of SF of office spaces recently delivered and under construction enticing a plethora of employers bringing with them thousands of jobs
National Retail Expansion & Hotel Investment
High-end retail and hotel brings first major national retailer Free People and London-based hotel, The Hoxton
Continued Expansion
Dyson announces U.S. 2017 Headquarters relocation to Fulton Market
H O S P I T A L I T Y
Tallest Building in the West Loop
Top 20 Coolest Neighborhood in the World“
“Time Out, 2018
15Executive Summary
Dining Destination:
The former meatpackers and food distributors in the West Loop have since been replaced by Michelin-Star eateries, popular bars, and trendy retail. 727 West Madison is just steps from Chicago’s best dinging and nightlife offerings.
Top Chefs & Nightlife
Culinary & the Arts Restaurant Row Hotspot
Beers with a View Fan Favorite Burgers
16 Executive Summary
Extensive Outdoor Enjoyment Options
W WASHINGTON BLVD
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Fulton Market - 30+ Restaurants
Restaurant Row - 40+ Restaurants
Open for Business
MICHELIN STAR - WEST LOOP
BIB GOURMAND - WEST LOOP
10-min walk
5-min walk
July 18, 2020
17Executive Summary
COMING SOON
HQ
Ernst & YoungGoogle
McDonald’s
Google Cloud
HQ
HQ
HQ
BMO Tower
Willis TowerWillis Tower
2.8 M SF of New Office
Old MainPost Office
Mary Bartelme Park
444 W Lake & 150 N Riverside444 W Lake & 150 N Riverside
110 N Wacker 110 N Wacker
N
18 Executive Summary
COMING SOON
HQ
Ernst & YoungGoogle
McDonald’s
Google Cloud
HQ
HQ
HQ
BMO Tower
Willis TowerWillis Tower
2.8 M SF of New Office
Old MainPost Office
Mary Bartelme Park
444 W Lake & 150 N Riverside444 W Lake & 150 N Riverside
110 N Wacker 110 N Wacker
#1 Food and Drink City
Time Out, 2019
Top 10 Leading U.S. Technology Hub
KPMG, 2019
#10 Most Attractive Business District in
the WorldULI and Ernst & Young, 2020
#1 City for Corporate HQ Relocations
Headquarters Mag, 2019
Chicago
19Executive Summary
N H
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W R A N D O L P H
W H A R R I S O N
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W E S T L O O P
S O U T H L O O P
R I V E R N O R T H
MORGAN
10MINUTE WALK CLINTON
ASHLAND
GRANDAVENUE
10MINUTE WALK
1MINUTE DRIVE
UNION STATION
7MINUTE WALK
OGILVIE STATION
UIC-HALSTED
10MINUTE WALK
10MINUTE WALK
Residents at 727 West Madison enjoy short commute times with an abundance of nearby transportation options including the “L”, Metra, buses, Divvy, and the highway. However, what makes this location truly exceptional is it’s near perfect walk score, with walkability to everything.
Steps To Everything
Unbeatable Commute Times
96Transit Score
98Walk Score
⬭ 5-min walk to Restaurant Row
⬭ 10-min walk to Office Epicenter
⬭ 1-min walk to Whole Foods and Marianos
⬭ 25% of Residents walk to work
⬭ 48% of Residents are within a 15 min commute
⬭ 10-min walk to multiple CTA stations and Metra lines
⬭ Steps to Halsted bus line
⬭ Fulton Market Metra Stop - Coming Soon
Walkable & EasyAccessibility:
20 Executive Summary
Truly stunning building with gorgeous amenities, high-end finishes, spectacular views...
Amazing neighborhood, beautiful building, great amenities...
Google Review
Google Review
“
“
I love living at 727! Location, amenities and the units are 5/5! This is hands down the best building in the West Loop!
Google Review “Iconic building, great location and even better amenities. The views are some of the best in the city.
Google Review “
“
“
Raving Reviews
“
“
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
ContactsKevin GirardDirector 312.528.3689 [email protected]
Matthew LawtonExecutive Managing Director 312.528.3656 [email protected]
Marty O’ConnellSenior Managing Director 312.528.3653 [email protected]
Amanda FriantDirector 312.300.7298 [email protected]
Zach KaufmanAnalyst 312.300.7314 [email protected]
FINANCING
Danny KaufmanSenior Managing Director 312.528.3684 [email protected]
