Re-development Opportunity | 225 W Superior St
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Re-development Opportunity 225 W Superior St
56,000 SF Office Building Chicago, IL 60654 £6,201,429 (£111/SF)
Investment Highlights
- River North, known for art and entertainment, is one of the City’s premier locations to live, work and play.
- Poised for an owner/occupant to access to a highly educated workforce, open floor plans and proximity to transportation.
- Adaptive re-use opportunity with DX-5 zoning (Downtown Mixed-Use) allows for 70,000 square feet and potential for up to 113,000 square feet.
- Opportunity to combine energy efficient improvements with C-PACE financing for enhanced returns.
Executive Summary
The Colliers | Chicago Office and Multifamily Capital Markets Teams are the exclusive agents for the sale of 225 W. Superior, Chicago, Illinois (the “Property”). Nestled in the heart of Chicago’s River North, the Property is steps from the CTA Brown Line at Franklin Street with connections to train lines traversing the city. This section of River North is known for its art and gallery district and highly desirable apartment/condo living. The location near multiple transportation routes and its proximity to nearby restaurants and hotels makes this a perfect site for commercial or residential tenants alike.
This three-story structure totaling approximately 56,000 rentable square feet sitting on .3214+/- acres is prime for re-development. The square footage includes approximately 14,000 square feet used for underground storage and parking accessed directly from Superior.
The Property had been occupied by Norvax, operating as GoHealth, since 2018. They vacated the Property as of June 30, 2024. This presents a unique opportunity for an owner-occupier to acquire 56,000 square feet for their operations or for a developer seeking a rare free and clear site for a TOD residential development.
This three-story structure totaling approximately 56,000 rentable square feet sitting on .3214+/- acres is prime for re-development. The square footage includes approximately 14,000 square feet used for underground storage and parking accessed directly from Superior.
The Property had been occupied by Norvax, operating as GoHealth, since 2018. They vacated the Property as of June 30, 2024. This presents a unique opportunity for an owner-occupier to acquire 56,000 square feet for their operations or for a developer seeking a rare free and clear site for a TOD residential development.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Sale Type
Investment or Owner User
Sale Conditions
Property Type
Office
Property Subtype
Building Size
56,000 SF
Building Class
B
Year Built
1969
Price
£6,201,429
Price Per SF
£111
Tenancy
Single
Number of Floors
3
Typical Floor Size
18,667 SF
Slab to Slab
12 ft
Building FAR
4.00
Land Acres
0.32 AC
Zoning
DX-5, Chicago - Downtown Mixed-Use District
Parking
12 Spaces (0.21 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Bus Route
- Controlled Access
- Public Transport
- Signage
- Kitchen
- Reception
- Storage Space
- Basement
- Bicycle Storage
- Central Heating
- Fully Carpeted
- High Ceilings
- Lift Access
- Natural Light
- Open-Plan
- Plug & Play
- Reception
- Secure Storage
- Wi-Fi
- Air Conditioning
MAJOR TENANTS Click Here to Access
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
- GoHealth
- Health Care and Social Assistance
-
99,999 SF
-
$9.99
-
Lorem Ipsum
-
Jan 0000
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
| GoHealth | Health Care and Social Assistance | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 |
Walk Score ®
Walker's Paradise (99)
Transit Score ®
Rider's Paradise (99)
Bike Score ®
Very Bikeable (86)
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2020 Population
113,774
421,008
872,743
2024 Population
132,710
450,876
853,783
Population Growth '20-'24
16.6%
7.1%
-2.2%
2020 Households
72,080
230,954
428,891
2024 Households
83,105
247,040
424,301
Household Growth '20-'24
15.3%
7.0%
-1.1%
Average Age
39
37
37
Median Household Income
$120,369
$114,267
$95,563
Daytime Employees
354,239
729,373
883,203
Total Businesses
27,615
61,512
79,482
College Degree + Higher
82%
76%
63%
$ values in USD
Nearby Amenities
Restaurants |
|||
|---|---|---|---|
| Prosecco | Italian | £££ | 2 min walk |
| GT Prime | Steak | ££££ | 3 min walk |
| Green Door Tavern | American | ££ | 3 min walk |
| Dunkin' | Cafe | - | 3 min walk |
| Yolk | American | £££ | 3 min walk |
| Dollop Coffee Co. | - | - | 4 min walk |
| Starbucks | Cafe | £ | 5 min walk |
| Al's Italian Beef | - | - | 5 min walk |
| Bar Cargo | Pizza | £££ | 5 min walk |
Retail |
||
|---|---|---|
| Club Pilates | Fitness | 3 min walk |
| Cycle Bar | Fitness | 3 min walk |
| CVS Pharmacy | Drug Store | 2 min walk |
| CorePower Yoga | Fitness | 3 min walk |
| Orangetheory Fitness | Fitness | 3 min walk |
| Walgreens | Drug Store | 3 min walk |
| Target | Dept Store | 5 min walk |
| Whole Foods Market | Supermarket | 5 min walk |
Hotels |
|
|---|---|
| MOXY |
156 rooms
2 min drive
|
| The Peninsula |
339 rooms
2 min drive
|
| Park Hyatt |
182 rooms
2 min drive
|
| AC Hotels by Marriott |
226 rooms
3 min drive
|
| Ritz-Carlton |
434 rooms
3 min drive
|
| InterContinental |
792 rooms
3 min drive
|
| Waldorf Astoria |
214 rooms
3 min drive
|
PROPERTY TAXES
| Parcel Number | 17-09-209-023-0000 | Improvements Assessment | £1,230,867 |
| Land Assessment | £549,494 | Total Assessment | £1,780,360 |
PROPERTY TAXES
Parcel Number
17-09-209-023-0000
Land Assessment
£549,494
Improvements Assessment
£1,230,867
Total Assessment
£1,780,360
About the Seller
Read More
Sale Advisors
Sale Advisors
Alissa Adler, Senior Vice President
(847) 444-5770
Contact
Alissa brings more than 30 years of experience to her position as senior vice president of Colliers | Chicago. She specializes in investment sales, as well as debt and equity placement for office properties. In her career, she executed over $1.2 billion in real estate transactions. She is widely recognized for utilizing her broad real estate knowledge and strong nationwide connections to uniquely serve her diverse client base.
Prior to Podolsky Circle’s merger with Colliers | Chicago in 2019, she was managing principal at Podolsky Circle where she was a member of the Middle Market Investment Advisory Team focused on the sale of office and industrial properties. Prior the merger which formed Podolsky Circle, she established Circle Realty Advisors, LLC. As president of the company, she was responsible for all operations and staffing in addition to asset management and investment advisory work for clients.
Preceding the formation of Circle, she served as vice president of acquisitions and dispositions at Duke Realty Corporation leading the Midwest markets including Illinois, Indiana, Ohio, Missouri and Minnesota. She transacted across office, industrial and retail property types and was also a member of Duke’s management committee.
Prior to her tenure at Duke, she was vice president of dispositions for Equity Office Properties Trust. In this role, she was responsible for the successful sale of transactions nationwide, including assets in distress and tertiary markets. She also held the position of asset manager for both Equity Office and Metropolitan Life Insurance Company in Chicago. Asset management responsibilities included CBD high-rise and suburban office, regional malls, neighborhood retail and industrial properties on a national basis.
Prior to Podolsky Circle’s merger with Colliers | Chicago in 2019, she was managing principal at Podolsky Circle where she was a member of the Middle Market Investment Advisory Team focused on the sale of office and industrial properties. Prior the merger which formed Podolsky Circle, she established Circle Realty Advisors, LLC. As president of the company, she was responsible for all operations and staffing in addition to asset management and investment advisory work for clients.
Preceding the formation of Circle, she served as vice president of acquisitions and dispositions at Duke Realty Corporation leading the Midwest markets including Illinois, Indiana, Ohio, Missouri and Minnesota. She transacted across office, industrial and retail property types and was also a member of Duke’s management committee.
Prior to her tenure at Duke, she was vice president of dispositions for Equity Office Properties Trust. In this role, she was responsible for the successful sale of transactions nationwide, including assets in distress and tertiary markets. She also held the position of asset manager for both Equity Office and Metropolitan Life Insurance Company in Chicago. Asset management responsibilities included CBD high-rise and suburban office, regional malls, neighborhood retail and industrial properties on a national basis.
John Homsher, CCIM, Senior Vice President
(847) 444-5715
Contact
As a senior vice president of Colliers | Chicago, John specializes in office investment sales for Colliers’ clients, as well as the placement of debt and equity for commercial owners and institutions. He also coordinates financial and physical due diligence services on behalf of his clients.
He completed approximately 8 million square feet in office, industrial and retail investment sales transactions valued at more than $1 billion throughout his career. He served corporate and institutional investors in the acquisition and disposition of investment-grade properties and owner-occupied facilities.
John began my career in commercial real estate in 1985, working as an office broker in Dallas.
During his career, he represented institutional and entrepreneurial owners in the sale and leasing of office, industrial and retail properties. He has successfully represented landlords in project leasing on single assets and portfolios of office properties. He has also skillfully negotiated on behalf of office users as their tenant representative.
He completed approximately 8 million square feet in office, industrial and retail investment sales transactions valued at more than $1 billion throughout his career. He served corporate and institutional investors in the acquisition and disposition of investment-grade properties and owner-occupied facilities.
John began my career in commercial real estate in 1985, working as an office broker in Dallas.
During his career, he represented institutional and entrepreneurial owners in the sale and leasing of office, industrial and retail properties. He has successfully represented landlords in project leasing on single assets and portfolios of office properties. He has also skillfully negotiated on behalf of office users as their tenant representative.
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Alissa Adler -
John Homsher, CCIM -
Colliers
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Re-development Opportunity | 225 W Superior St
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