Commercial real estate brokerage firm Greenstone Partners has been exclusively retained to advise in the sale of an urban, mixed-use property prominently positioned in downtown Chicago’s central business loop along iconic State Street. The 112,495-square-foot building located at 209-227 S. State Street is positioned for a large-scale ground up development or redevelopment of the existing structure. Greenstone Partners’ CEO and Managing Partner Danny Spitz and Director Malek Abdulsamad are representing the seller.
“We are pleased to serve as the exclusive investment advisor on this one-of-a-kind opportunity, located on Chicago’s iconic State Street — a location known for its history as a prominent shopping destination with national retailers and department stores, hotels, entertainment, and more recently, education and residential development,” said Spitz. “The building, a former Woolworth & Co. property, features the most favorable zoning designation in Chicago — which makes it primed for redevelopment with maximum density.”
The property — situated on an approximately 20,296-square-foot parcel of land — is currently vacant and offers a total buildable area of roughly 325,000 square feet under the current as-of right zoning. With the ability to create additional density via new entitlements through a planned development, this unique opportunity benefits from its qualification for TOD designation, and unlimited height restrictions.
Deemed both a “Walkers Paradise” and “Riders Paradise,” the property features approximately 140 feet of prime frontage along the State Street Historic Retail District. The building is a short walking distance from endless amenities and several Chicago attractions, including the Chicago Theater (four blocks), Harold Washington Public Library (two blocks), Millennium Park & Grant Park (two-blocks), and the Art Institute of Chicago (two blocks). Chicago’s world-famous Magnificent Mile rests just one-half mile NE of the property. Adjacent to the Property is the CTA Jackson Subway station, which services the Red Line with direct transfer to the Blue Line (O’Hare International Airport). The station boasted more than 2.7 million riders in 2019, and, historically, services more than three million riders per year.
