55 E Washington St, Chicago, IL 60602
The opportunity is the Historic Pittsfield Building (Floors 1 to 12 and 23 to 40) located at 55 E Washington Street in downtown Chicago, Illinois. The Property is situated on a 0.89-acre parcel and is comprised of approximately 258,247 sq. ft. The building was constructed in 1927, renovated in 1991 and was designated a Chicago historic landmark in 2002. At 40 stories, the Historic Pittsfield Building is serviced by eight elevators and was the tallest building in Chicago at the time of its design by Graham, Anderson, Probst, and White. The building features soaring open spaces with a five-story atrium adorned with brasses and carvings in the Spanish-Gothic style.
The Pittsfield Building was originally built as an office building with several floors featuring retail shops and additional commercial properties. While there are still some commercial leases in place, a large portion of the space has been vacated and several floors have been converted to residential apartments.
The offering is for the basement and floors 1 to 12 and 23 to 40. Current in place commercial leases located on the first floor include Toni Patisserie, Fiancée Jewelry and the Pittsfield Café, which has occupied the space for almost 30 years. Floors 2 to 9 are mostly vacant and have been permitted to convert into a hotel. The hotel permit supports eight floors and 191 guest rooms with ancillary services. This historic building would be an ideal location for a hotel, in the heart of several amenities and tourist attractions. Floors 10 to 12 have been redeveloped into 51 residential units and feature a unit mix of six studio apartments, three one bedroom/one bathroom, six two bedrooms/one bathroom, 27 two bedroom/two bathroom, and nine three bedrooms/two bathroom units. Floors 10 to 12 are currently 72.55% occupied with an average monthly rent per unit of $1,938. Floors 22 to 40 are predominantly vacant office units.
In 2008 there was a vertical subdivision that separated floors 13 to 21 into the Fornelli Tower. These floors are currently being operated as rental apartments and are not part of the offering.
The investment offers potential upside with the opportunity to lease up approximately 194,259 sq. ft. of vacant commercial space at market rates in the highly desirable East Loop submarket or a possible redevelopment of this beautiful historic building.
Contact Theron May or Wes Olker with Imperial
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