Office for Sale in Chicago, IL

  • Price: $199K
  • Listing type: For sale
  • Asset type: Office
  • Location: Chicago, IL 60602
  • Size: 259,000 SF
  • Year built: 1914

Description

FOR SALE Iconic Corner Office Condo | 111 N Wabash Ave, Suite 800 | Chicago, IL 60602 Offered at $199,000 | ± 2,700 SF KW Commercial, the exclusive listing broker, is pleased to present a prestigious opportunity to acquire a corner office condominium in the celebrated Garland Building, located at the intersection of Wabash Avenue and Washington Boulevard in Chicago’s Central Loop District. About The Garland Building Constructed in 1914, the Garland Building was originally conceived by architect C.A. Eckstorm as a modern, fireproof 16-story U‑shaped tower designed to maximize light and ventilation via a prominent open light court and setback façades Named for the historic Garland Stove & Range company, the building later reclaimed its original name under developer James Heyworth in the early 1920s, when it expanded upward to 21–22 stories In 1986 it was listed on the National Register of Historic Places, reflecting its architectural and cultural significance within the Loop Following a $9 million restoration in the late 1990s, the building was redeveloped in 2005 into one of Downtown Chicago’s first office condominium projects, with all ~170 individual units sold to owner‑occupants and investors Historically long‑term tenants include medical professionals, legal firms, financial services, non‑profits and dental/therapy users, reflecting the building’s reputation as a premier medical and professional-use asset with consistently high occupancy Space Features & Building Highlights Suite: 800 — prominent corner exposure offering exceptional light and views Size: ± 2,700 SF (within a ± 259,000 SF, 22‑story building) Zoning: DX‑16 (Downtown Mixed‑Use District) Year Built / Converted: 1914 / converted 2005 Configuration: In‑suite conference room, private bathroom; seven water lines, five located within private offices — ideal infrastructure for medical, dental, wellness, or healthcare use Building Amenities: 24/7 security & staffed lobby On‑site professional management Dail

Market Context

This office in Chicago, IL is listed for sale at $199,000 across 259,000 SF ($1/SF). The building dates to 1914. It has been on the market for 38 days. Compare it against other office listings for sale in Chicago, IL — <a href="/search/sale/office/illinois/chicago">view the full market</a>.

As of Q1 2026, the Chicago office market showed a 26.9% vacancy rate, average asking rents near $45.41/SF/yr, rents up 5.2% year over year, and cap rates around 9.8%. Source: Consensus Q1 2026 market report.

Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Office market FAQ

What is the typical cap rate for office in Chicago?
About 9.8% as of Q1 2026, per Consensus.
Is the Chicago office market tightening or softening?
Vacancy is around 26.9%, with asking rents rising year over year (Q1 2026).

Unified Estimate

Medium Confidence

$10.60/SF – $14.34/SF

Mid: $12.47/SF

Total estimate for 259,000 SF: $3,229,730

Rate-first confidence-weighted blend with cost-of-business adjustment.

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