Single Tenant State Government Department of Corrections Headquarters | 8% Cap Rate

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.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. The property provides reliable income growth backed by an A credit government tenant. The opportunity pairs essential state government tenancy with long-term occupancy history and predictable rent escalations. The property is well located within the Illinois Medical District (IMD) in the Tri-Taylor neighborhood in Chicago, sought for its historic architecture and welcoming atmosphere. The submarket has a strong occupancy history with current vacancy of only 5.6% and average rents higher than the subject property. BROKER OF RECORD: KAREN SANDVOSS Be Realty Group 773-572-4590 IL License #: 471022143