Single Tenant State GovernmentDepartment of Corrections Headquarters | 8% Cap

Highlights:

• ± 30,000 SF 3-Story Building
• New 5-year lease renewal beginning May 30, 2025
• Leased by the State of Illinois A- S&P Global Credit Rating
• Tenant covers the cost of utilties
• Tenant covers the cost of tax increases
• ± 0.37 - Acre level site

Description:

Rare opportunity to acquire a long term committed single-tenant government-leased facility in Chicago at an 8% cap rate. The three-story ± 30,000 SF building serves as the Headquarters for the Chicago Department of Corrections. The mission critical tenant has occupied the property for over 25 years underscoring its strategic location and long-term stability. A new 5-year lease renewal is currently being executed featuring 2.5% annual rental increases.

BROKER OF RECORD:
KAREN SANDVOSS
Be Realty Group
PropertyManagement@BeRealtyGroup.com 773-572-4590
IL License #: 471022143

The Downtown Chicago Medical District offers a powerful combination of healthcare excellence, economic vitality, and academic innovation. Anchored by world-renowned institutions like Rush University Medical Center, the University of Illinois Hospital, and the Jesse Brown VA Medical Center, the district serves as a hub for cutting-edge research, specialized patient care, and medical education. Its strategic location near downtown Chicago enhances accessibility for patients, professionals, and researchers, while also supporting workforce development and attracting biomedical investment. The district drives regional growth, fosters public-private partnerships, and plays a critical role in shaping the future of healthcare and life sciences in the Midwest.

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