Fully Vacant Value-Add Office | Redevelopment/User Acquisition Opportunity | 401 South State

Description:

RI Marketplace Online Auction August 11-13, 2025
Register to bid on Marketplace:

https://rimarketplace.com/auction/2614/fully-vacant-value-add-office-redevelopment-user-acquisition-opportunity-401-south-state?utm_source=brevitas&utm_medium=listing+&utm_campaign=external&utm_content=office_2614

Cushman & Wakefield, Inc. has been retained as exclusive advisor and agent to offer for sale to qualified buyers the 100% fee simple interest in 401 South State Street (the “Property” or “Building”), a nationally recognized Chicago landmark once home to the flagship Sears, Roebuck and Company as well as most recently to the Robert Morris University. Located in downtown Chicago’s East Loop neighborhood amongst a top-tier aggregate of educational institutions, the eight (8) story, 480,110 square-foot building is currently 100% vacant.

Constructed in 1891 by Levi Z. Leiter and designed by architect William Le Baron Jenney, the Property has been a nationally designated landmark since 1976 and achieved Chicago landmark status in 1997. Also known as the “Second Leiter Building,” the Property gained early recognition for being one of the earliest commercial buildings constructed with a metal skeleton frame. Given the Property’s 100% vacancy, the structure provides an exciting opportunity for a user or occupier to acquire the Property for their own use and to create a truly differentiated and irreplaceably located institutional facility. The offering also includes the adjacent building located at 418 South Wabash consisting of approximately 8,145 square feet that is also 100% vacant and contains mechanical equipment servicing 401 South State.

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