One East Erie — Sale in Chicago, IL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Office
  • Location: Chicago, IL 60611
  • Size: 127,750 SF
  • Year built: 1983

Photos

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Description

Jones Lang LaSalle (Illinois), L.P. (“JLL”) as the exclusive advisor, presents the opportunity to acquire One East Erie (the “Property” or “Opportunity”), a 127,750 RSF, unique 6-story mixed-use asset completed in 1983 and located in Chicago’s dynamic River North submarket. One East Erie includes a 208-stall parking garage that is connected to the Property and contains 15,369 RSF of ground-level retail on the heavily trafficked thoroughfare, State Street. The Property is positioned at the base of a 467- unit luxury condominium, which is not part of the offering, and is subject to a Declaration of Covenants, Conditions, Restrictions and Easements Agreement, which governs how expenses are allocated between the residential and commercial components. The Property, currently 74% leased with 3.4 years of WALT ("Weighted Average Lease Term"), presents a rare opportunity for a medical office repositioning in the premier River North submarket. Additionally, the Property offers durable in-place cash flow from the high-performing public parking garage and significant value-add upside from the ground-level retail tenancy.

Market Context

This office in Chicago, IL is listed for sale across 127,750 SF. The building dates to 1983. 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

Estimated price for 127,750 SF: $14,568,610 (range $4,807,232 – $34,965,175)

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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