205 West Wacker
Having acquired the asset in 2013 with a large private equity fund, Ameritus renovated and repositioned the 270,000 square foot, art deco office building. In purchasing the building, Ameritus was able to look beyond its current condition and recognized the outstanding attributes the building did offer: a prestigious Wacker Drive business address, outstanding views of the Chicago River, and flexible floor plans which allowed the building to be leased to smaller tenants being displaced from expensive Class A buildings and older, more affordable buildings being converted to alternative uses. Capital improvements include lobby, elevator cab, and corridor renovations; replacement of building mechanicals to a modern, energy efficient system; the implementation of a comprehensive facade maintenance program; and the addition of tenant amenities including a fitness center, conference room and valet parking garage. Ameritus identified significant operating expense reductions and a marketing niche for the building. As a result it developed a leasing program to provide affordable high-quality space to smaller tenants with a Wacker Drive address which stabilized the property from 55% to 90% leased in 29 months.