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625 N Michigan Avenue, Chicago, IL

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DetailMap
625 N Michigan Avenue

SEC
Chicago, IL 60611-3110 - North Michigan Avenue Submarket


Property Type:Office Sub Type:- Status:Existing , Renov 2000 Year Built:1970
Stories:28 Typical Floor:13,300 SF Building Size:343,072 SF
Smallest Space:1,172 SF Largest Space:37,107 SF Total Space Avail:53,577 SF Rent/SF/Yr:
$24.00 - $30.00
Amenities:24 Hour Availability, Air Conditioning, Controlled Access, Concierge, Conferencing Facility, Fitness Center, Food Service, Hotel, On Site Management, Property Manager on Site, Energy Star Labeled


Space Available:
Floor
SF Avail
Rent
Occupancy
Lease Term
Space Use
 2nd
12,369 SF
$30.00/SF/Yr
Vacant
Negotiable
Office
 3rd
12,369 SF
$30.00/SF/Yr
Negotiable
Negotiable
Office
 4th
12,369 SF
$30.00/SF/Yr
Vacant
Negotiable
Office
 12th
6,437 SF
$24.00/SF/Yr
Vacant
Thru Nov 2022
Office
 17th
2,621 SF
$25.00 - $26.00/SF/Yr
09/2019
Negotiable
Office
 18th
2,807 SF
$25.00 - $26.00/SF/Yr
Vacant
5 yrs
Office
 19th
1,172 SF
$25.00 - $26.00/SF/Yr
Vacant
5 yrs
Office
 24th
1,994 SF
$25.00 - $26.00/SF/Yr
Vacant
Negotiable
Office
 25th
1,439 SF
$26.00/SF/Yr
Vacant
Negotiable
Office
 
11157666
11157678
11157671
12641604
12742292
11073597
5617467
12742303
12753957
Floor Plan
  
Marketing Flyer Marketing Flyer  
Space Notes Space Notes  


Floor
SF Avail
Rent/SF/Yr
Occupancy
Lease Term
Space Use
2nd
12,369 SF
$30.00/SF/Yr
Vacant
Negotiable
Office
3rd
12,369 SF
$30.00/SF/Yr
Negotiable
Negotiable
Office
4th
12,369 SF
$30.00/SF/Yr
Vacant
Negotiable
Office
12th
6,437 SF
$24.00/SF/Yr
Vacant
Thru Nov 2022
Office
17th
2,621 SF
$25.00 - $26.00/SF/Yr
09/2019
Negotiable
Office
18th
2,807 SF
$25.00 - $26.00/SF/Yr
Vacant
5 yrs
Office
19th
1,172 SF
$25.00 - $26.00/SF/Yr
Vacant
5 yrs
Office
24th
1,994 SF
$25.00 - $26.00/SF/Yr
Vacant
Negotiable
Office
25th
1,439 SF
$26.00/SF/Yr
Vacant
Negotiable
Office
Renovated glass, marble lobby, and tenant lounge. 5 parking lots located within 2 blocks. Building has no 13th floor. Public transportation. Adjacent hotel. Handicap accessible. Storage.

This building was awarded an Energy Star label in 2013, 2014, 2015, 2016, 2017, and 2018 for its operating efficiency.






Sale Notes:
OVERVIEW
Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to present the rare investment opportunity to acquire the condominium interest in the office portion (5th through 27th floors) of 625 North Michigan Avenue (the “Property”), representing 290,496 RSF. The 27 story office tower, strategically located on Chicago’s world-renowned Michigan Avenue or “Magnificent Mile” was completed in 1970, undergoing renovations in 2004, 2007, 2014 and 2016, including a lobby renovation, elevator upgrades, redesign of the first two floors of the façade, multi-tenant corridor upgrades, and an expansion of the ground-floor retail (not part of the offering).

PROPERTY SUMMARY
The Property is currently 87.7% leased to a diverse tenant base with a weighted average remaining term of 6.6 years, driven mainly by the Property’s anchor tenants, Northwestern University and Solomon Cordwell Buenz, who respectively have a remaining term of 12.7 years and 7.1 years. The Property has recently benefited from over 140,000 RSF of recent leasing activity, driven by recent improvements to the Property’s amenity base including a brand new tenant lounge, recently upgraded conference and fitness centers, and a successful spec suite program implemented on behalf of current ownership, which position the Property to capture tenants in high-growth industries.

LOCATION
The North Michigan Avenue submarket is one of Chicago’s premier office markets and home to many of Chicago’s advertising and media tenants along with government consulates, entertainment, medical and other service-related companies, in part due to the renowned North Michigan Avenue address.


Golub & Company
  
JBS Commercial Real Estate
  
JLL


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