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33 W Grand Avenue - Chicago Medical Society Bldg - 515 N Dearborn, Chicago, IL
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33 W Grand Avenue - Chicago Medical Society Bldg - 515 N Dearborn
Chicago, IL 60654 - River North Submarket
Existing , Renov 1983
Total Space Avail:
Metro/Subway, Property Manager on Site, Energy Star Labeled
Thru Nov 2018
Thru Nov 2018
Owner occupied (Chicago Medical Society); 8,453 sf floorplate (divisible); Top 3 floors contiguous available; River North location; Some existing conditions; Some 12' ceilings; Below $20 gross; Executive parking available; Storage available.
This building was awarded an Energy Star label in 2016 (88) for its operating efficiency.
· This offering is a true value-add opportunity and provides significant up-side for an investor via continued office/retail use or by maximizing the property’s development potential and redeveloping the property into an alternative use, such as a residential or hotel use.
· 33 W. Grand/515 N. Dearborn is currently 100% occupied with approximately 21% of the space being owner-occupied. All of the existing leases have rental rates that are below market. Substantial value can be added to the property by marking rents to market as leases come up for renewal.
The property has a high-visibility/high profile corner location with superb access to public transportation making it an ideal development parcel. The property is currently zoned DX-7, indicating that a property containing 84,364 square feet can be constructed on the site with the in-place zoning. The surrounding land uses provide an excellent precedent for a development with substantially higher density.
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MB Real Estate
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