565 West Randolph Street Chicago, IL 60661

Located in Chicago’s West Loop, this approximately 59,981 square foot Class C office building presents a unique investment opportunity. Constructed in 1872, the property combines historical architecture with modern functionality, and includes both a passenger elevator and a freight elevator. The building is currently 98% occupied with nine tenants. Ground-floor tenants include two Michelin-starred dining establishments, Proxi and Sepia, which have recently renewed their leases for another five years with additional renewal options, ensuring income stability. A key opportunity exists for an office-to-multifamily apartment conversion, allowing investors to capitalize on the increasing demand for multifamily units in the West Loop. A phased approach to conversion is possible, with 43,624 square feet (72.8% of the building) potentially available by the end of December 2024. An additional 1,642 square feet (2.7% of the building) will become available between March and November 2026 as leases expire, offering further flexibility for phased redevelopment. The final 5,550 square feet (9.2% of the building) will become available between January and April 2029 upon lease expirations, enabling investors to continue generating income from office leases while gradually converting spaces to residential use. The property's location offers proximity to transportation, shopping, dining, and green spaces, making it attractive to prospective residential tenants. By converting the office floors to apartments, investors can tap into the strong rental market in the West Loop, while still benefiting from the stable income of long-term retail tenants.