Listing Summary
Explore 565 W. Randolph St, a ±59,981 SF historic Class C office building featuring ground-floor Michelin-starred anchor retail (Proxi and Sepia) in Chicago's vibrant West Loop. Currently 98% occupied with stable income, this prime asset offers an exceptional value-add office-to-apartment conversion strategy with phased lease expirations through 2029.
Full Description
Capitalize on one of Chicago's premier investment offerings with 565 W. Randolph St, a ±59,981 SF historic asset built in 1872 located in the heart of the dynamic West Loop neighborhood. Combining timeless historical architecture with operational utility—including passenger and freight elevators—this property delivers a reliable income stream alongside immense redevelopment potential.
Key Investment Highlights
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Anchor Retail Income: Anchored by ground-floor tenants Proxi and Sepia, two renowned Michelin-starred dining establishments that recently renewed their leases for an additional five years, ensuring robust, long-term cash flow.
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High Occupancy: The building is currently 98% occupied across nine tenants, providing immediate stability while executing a strategic business plan.
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West Loop Location: Positioned in Chicago's most sought-after market, offering tenants unmatched proximity to premier public transit, world-class dining, shopping, and urban green spaces.
Phased Office-to-Apartment Conversion Strategy
Designed for flexible, phased redevelopment, the property allows investors to tap into the high-demand multifamily rental market while maintaining ongoing revenue:
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Phase 1: $\pm 43,624\text{ SF}$ ($72.8\%$ of the building) available by late 2024 for immediate residential conversion.
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Phase 2: $\pm 1,642\text{ SF}$ ($2.7\%$) opening up between March and November 2026.
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Phase 3: $\pm 5,550\text{ SF}$ ($9.2\%$) rolling over between January and April 2029, allowing continued office income during early redevelopment phases.
Position your portfolio for capital appreciation by transforming upper-level office space into luxury apartments while anchoring your investment with Michelin-grade retail stability in Chicago.
Quick Glance
- Listing ID:
CL-Illinois-28375
- Status:
Active
- Year Build:
1872
- Building Size:
59,981 SqFt
- Lot Size:
59,981.00 SqFt
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