Chicago’s Top 10 Office Real Estate Property Sales

Top Chicago Office Real Estate Property Sales - Cawley Chicago

During the past year Chicago’s office real estate market saw 843 properties change hands. At the time of sale the average vacancy was 10%, the average cap rate for properties was nearly 10% (9.2%), and the average price per square foot was $171.

The current list of top Chicago office property sales has several deals that occurred prior to the rising pandemic; however, there are also several deals coming through during this shift in the economy. Chicago’s office real estate market is showing signs of continuing on through the economic challenges.

Cawley Chicago pulls the Top 10 Office Property Sales regularly to give an idea of the commercial real estate properties arising in the area.

Key Stats for Chicago Office Property Sales

Sales Comparables: 843
Average Cap Rate: 9.2%
Average Price / SF: $171
Average Vacancy at Sale: 10.0%

Top 10 Office Property Sales in Chicago

1) 500 W Monroe St

Rating: 4
Year Built: 1992
Building Square Feet: 967,000
Vacancy %: 0.9%
Sale Date: 10/29/2019
Price: $412,000,000
Price / SF: $426
Cap Rate: 7.0%

2) 190 S LaSalle Street

Rating: 4
Year Built: 1986
Building Square Feet: 798,782
Vacancy %: 5.2%
Sale Date: 12/03/2019
Price: $230,000,000
Price / SF: $288
Cap Rate: Not Listed

3) 225 Wacker – 225 W Wacker Dr

Rating: 5
Year Built: 1989
Building Square Feet: 650,812
Vacancy %: 3.8%
Sale Date: 05/12/2020
Price: $210,000,000
Price / SF: $323
Cap Rate: 7.8%

4) 3500 Lacey Rd

Rating: 4
Year Built: 1992
Building Square Feet: 583,982
Vacancy %: 1.2%
Sale Date: 11/27/2019
Price: $128,500,000
Price / SF: $220
Cap Rate: 7.7%

5) 905 W Fulton Market

Rating: 3
Year Built: 2020
Building Square Feet: 98,000
Vacancy %: 10.8%
Sale Date: 05/12/2020
Price: $85,500,000
Price / SF: $872
Cap Rate: Not Listed

6) Burnham Center – 111 W Washington St

Rating: 4
Year Built: 1914
Building Square Feet: 583,982
Vacancy %: 1.2%
Sale Date: 11/27/2019
Price: $80,250,000
Price / SF: $137
Cap Rate: Not Listed

7) 801 S Canal St

Rating: 3
Year Built: 1989
Building Square Feet: 754,800
Vacancy %: 0%
Sale Date: 01/15/2020
Price: $68,000,000
Price / SF: $90
Cap Rate: Not Listed

8) 55 E Jackson Blvd

Rating: 3
Year Built: 1961
Building Square Feet: 457,000
Vacancy %: 6.6%
Sale Date: 08/01/2019
Price: $63,500,000
Price / SF: $139
Cap Rate: Not Listed

9) 1 Takeda Pky

Rating: 4
Year Built: 2010
Building Square Feet: 252,636
Vacancy %: 0%
Sale Date: 02/26/2020
Price: $457,671,191
Price / SF: $228
Cap Rate: Not Listed

10) Green Exchange – 2545 W Diversey Ave

Rating: 3
Year Built: 1929
Building Square Feet: 228,966
Vacancy %: 0.8%
Sale Date: 08/29/2019
Price: $55,166,000
Price / SF: $241
Cap Rate: Not Listed

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