24 East Washington — Sale in Chicago, IL

  • Price: $150
  • Listing type: For sale
  • Asset type: Office
  • Location: Chicago, IL 60602
  • Year built: 2020

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Description

Jones Lang LaSalle (Illinois), L.P. ("JLL"), as exclusive advisor is pleased to present the opportunity to acquire the 100% fee simple interest in 24 E Washington, a seven-story state-of-the-art creative office space with a total area of 632,400 RSF in one of Chicago's most architecturally significant properties, the Daniel Burnham-designed former Marshall Field's building, following an extensive $150+ million redevelopment completed in 2020. The Property features best-in-class Chicago amenities, including modern conference facilities, a fitness center, a hotel-style tenant lounge with bar, a spacious rooftop terrace, and a free 24/7 secured bike room. It offers direct access to the Chicago Pedway, connecting to parking garages, transit, and local amenities. Strategically positioned at the gateway to Chicago's Central Loop, 24 E Washington provides immediate access to all seven CTA train lines with direct connections to O'Hare and Midway airports, plus convenient access to Ogilvie and Union stations. Located steps from Millennium Park and the new Google campus, the Property is surrounded by retail, restaurants, and hotels. Since its 2020 redevelopment, 24 E Washington has achieved exceptional leasing velocity, averaging 84,200 RSF annually and capturing over 204,000 RSF (32% of total) in new leases since 2024 alone. The Property features a diverse tenant base with nearly 60% of occupied space leased to corporate headquarters and institutional-quality tenants, including Olam Americas (12.6% of total RSF through March 2039). With a 6.9-year WALT, minimal three-year rollover of 4.8%, and a 21% five-year mark-to-market opportunity, the Property offers strong income stability with significant embedded upside. 24 E Washington presents a rare opportunity to acquire newly renovated creative office space at a substantial basis reset with value creation through lease-up and mark-to-market capture.

Market Context

This office in Chicago, IL is listed for sale at $150. The building dates to 2020. Compare it against other office listings for sale in Chicago, IL — view the full market.

As of Q1 2026, the Chicago office market showed a 27.2% vacancy rate, and average asking rents near $45.41/SF/yr. Source: multiple brokerage reports, Q1 2026.

Above-average vacancy gives buyers leverage and a wide set of comparables.

Office market FAQ

Is the Chicago office market tightening or softening?
Vacancy is around 27.2% (Q1 2026).

Estimated Price per SF

$37.63/SF – $273.70/SF

Mid: $114.04/SF

About 8 in 10 recent recorded sales fell within a range this wide around the estimate. An automated estimate, not an appraisal.

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