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Seventy East Lake 70 E Lake St 141,593 SF 63% Leased Office Building Chicago, IL 60601 For Sale
Investment Highlights
- Highly Differentiated Gothic Revival Building with Attractive Conversion Flexibility
- Street-Level Retail Diversifies Income & Offers Significant Upside
- Historic & Cultural Significance: A Chicago Legacy
- Central Downtown Chicago Location with Unmatched Accessibility
- Significant Ongoing Development in the Immediate Area
Executive Summary
Cushman & Wakefield, Inc. has been retained as the exclusive advisor and agent to offer for sale the 100% fee simple interest in 70 East Lake (the “Property”), a 17-story office and retail building totaling 141,593 square feet currently 63.1% leased. The Property is located mid-block between North Wabash Avenue and North Michigan Avenue in Chicago’s East Loop neighborhood and includes street-level retail frontage along Lake Street, less than a half block from the “Magnificent Mile.” Constructed in 1927, the Building reflects late-1920s Chicago architecture, combining elements of the Chicago School with Gothic Revival and early Art Deco influences, including strong vertical massing, articulated window groupings, and ornamental detailing that give the Property a distinctive and enduring presence.
70 East Lake offers meaningful long-term upside through a conversion to multifamily, mixed-use residential or hospitality uses. The Building’s historic construction, narrow floor plates, abundant window lines, and vertical configuration align with the characteristics commonly sought in successful office-to-residential conversions. Additionally, all but two tenants have landlord termination rights providing further conversion flexibility. Combined with its premier East Loop location—steps from transit, employment centers, cultural institutions, and Michigan Avenue—the Property presents a compelling opportunity to reposition a legacy asset into differentiated residential product.
70 East Lake offers meaningful long-term upside through a conversion to multifamily, mixed-use residential or hospitality uses. The Building’s historic construction, narrow floor plates, abundant window lines, and vertical configuration align with the characteristics commonly sought in successful office-to-residential conversions. Additionally, all but two tenants have landlord termination rights providing further conversion flexibility. Combined with its premier East Loop location—steps from transit, employment centers, cultural institutions, and Michigan Avenue—the Property presents a compelling opportunity to reposition a legacy asset into differentiated residential product.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
141,593 SF
Building Class
C
Year Built/Renovated
1927/1983
Percent Leased
63%
Tenancy
Multiple
Building Height
17 Stories
Typical Floor Size
8,329 SF
Slab To Slab
10’
Building FAR
14.13
Lot Size
0.23 AC
Zoning
DX-16
Amenities
- Controlled Access
- Property Manager on Site
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Walk Score®
Walker's Paradise (100)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (81)
Property Taxes
| Parcel Numbers | Improvements Assessment | $4,744,036 CAD | |
| Land Assessment | $3,412,854 CAD | Total Assessment | $8,156,890 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$3,412,854 CAD
Improvements Assessment
$4,744,036 CAD
Total Assessment
$8,156,890 CAD
Contacts
-
Thomas Sitz -
Cody Hundertmark -
Kelsey Berry -
Dirk Riekse -
Jeremiah Olsen -
Cushman & Wakefield
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Seventy East Lake | 70 E Lake St
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