Servicer Sale: Chicago Retail Property on Iconic State Street

Investment Highlights 

• Servicer Sale: Exclusive opportunity to acquire 170,507 SF of retail space at One North State Street in Chicago’s CBD.
• Prime Location: Positioned at State & Madison on “Chicago’s Great Street,” a premier retail corridor anchored by Macy’s and the Palmer House Hilton.
• Strong Retail Tenancy: Anchored by T.J. Maxx (45,000 SF) and Burlington (52,883 SF) with additional small shop retail along State, Madison, and Wabash.
• New Leasing Momentum: Three new leases signed in 2025, signaling retailer confidence in the location.
• Neighborhood Growth: Google’s upcoming 1.3M SF headquarters nearby and city-backed office-to-residential conversions driving a 24-hour downtown environment.
• Tourism & Traffic Drivers: Close proximity to Millennium Park, major theaters, convention centers, and heavy CTA Red Line ridership.
• Retail Recovery: Office occupancy and retail traffic approaching pre-2019 levels, boosting tenant demand.
• Limited New Supply: High construction costs restricting new retail competition in the area.

Offering Summary

Transwestern, in conjunction with RealINSIGHT Marketplace, are pleased to present for sale One North State Street. One North State is a 170,507 SF retail condominium within a 732,000 SF building at the northeast corner of State and Madison in Chicago’s Central Business District, along the six-block stretch of “Chicago’s Great Street” from Randolph to Monroe. The trade area is anchored by Macy’s and Block 37 to the north, T.J. Maxx, Primark, Burlington, and Nordstrom Rack in the center, and Target to the south. The location offers excellent CTA access (bus and elevated trains), nearby parking, and connections to all suburbs via Metra and major interstates.

Built in 1912 and divided in 2004 into retail (lower floors) and office (upper floors), the retail condo bears 22.49% of total building expenses and shares entrances, loading docks, and elevators with the office portion. The building features the best loading dock access in the CBD. Access includes State and Wabash Street entrances to T.J. Maxx and Burlington. Tenant spaces are separately metered for electricity; no on-site parking is available.

The retail portion is 93.2% leased, anchored by Burlington (Basement 1–2) and T.J. Maxx (Floors 2–3). T.J. Maxx’s lease extends to January 2027 with 10% percentage rent; Burlington’s lease extends to March 2029 with 8% percentage rent. The non-owned office portion, sold to a new investor in January 2025, is 64.4% leased, with asking rents of $22/SF Net plus $12.20/SF in real estate taxes.