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Single-Tenant Office

State of Illinois Comptroller

325 W Adams St, Springfield, IL 62704

Listing Price: $12,750,000

Cap Rate
6.44%
Gross SF
101,512
Rentable SF
91,000
Price/Gross SF
$125.60
Lot Size
1.90 acres
Year Built
1962

Investment Overview

Marcus &Millichap is pleased to present the office building for the State of Illinois Comptroller. The single-tenant office has been occupied by the Comptroller for over 40-years and they just signed a new 5-year extension with an additional 5-year option, both of which have rent increases throughout (p. 23). The State of Illinois Comptroller is located in Springfield, IL, less than 1,000 feet from the state Capital building, Department of Revenue, Supreme Court and dozens of other government-leased properties. The Comptroller is an independently elected, mission-critical part of the executive branch along with the Governor, Attorney General, Secretary of State and Treasurer (p.19). The Comptroller is responsible for overseeing the states $45B in revenue and the $42.3B budget (5th Largest in the U.S.) - and is largely responsible for the state's 2021 credit upgrade by S&P & Moody's (p.20). In the last 12 months, the Comptroller reported an 80% reduction of backlogs from the 2015-2017 budget impasse and the early repayment of it's emergency Covid loan from the Federal Reserve's Municipal Liquidity Facility, which saved taxpayers $82 million in interest. The Office of the Comptroller is situated in a tight 96.3% occupied sub-market with rent 18% below average. The sub-market has the lowest available square feet in the last 10- years (Costar Analytics). Every floor of the interior was remodeled in 2021 and the parking lots have all been re-coated in the last 12 months. The offering includes additional parking lots, to the immediate west of the building. The city of Springfield is not only the state capital but also the county seat and the largest city in Sangamon County with over 211,000 residents living in the MSA. Most famously known as the birthplace of Abraham Lincoln, the city is now dominated by high-level state employees and their families. The daytime population in the 1-3-mile radius swells to 45,457 & 117,621, respectively. The downtown is within walking distance and filled with restaurants and cafés to support the employees. Interstate I-55 is just 3-miles east with over 50,000 VPD.

Investment Highlights

  • Occupied by the Comptroller for Over 40 Years | New 5-Year Renewal & 5-Year Option
  • Executive Branch | Accounts The $45B Budget (5th Largest) | Mission Critical Tenant
  • Step from the State Capital | Dept. Of Revenue | Supreme Court | Secretary of State
  • Largely Responsible for 2021 Credit Upgrades By S&P & Moody's (BBB & Baa3)
  • 2.5 X Below Replacement Cost | Below Market Rent | 2021 Interior Remodel | Fiber Internet
  • Office Sub-Market: 96.3% Occupancy Rate (Costar Analytics) | Below Market Rent
  • Springfield is State Capital & County Seat of Sangamon County | 211,000 Residents In the MSA
  • Daytime Populations Swells to 45,457 & 117,621 In the 1-3 Mile Radius

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2200

    License(s) IL: 471.011175

    Illinois

Single-Tenant Office

State of Illinois Comptroller

Listing Price: $12,750,000

Cap Rate
6.44%
Gross SF
101,512
Rentable SF
91,000
Price/Gross SF
$125.60
Lot Size
1.90 acres
Year Built
1962

Investment Highlights

  • Occupied by the Comptroller for Over 40 Years | New 5-Year Renewal & 5-Year Option
  • Executive Branch | Accounts The $45B Budget (5th Largest) | Mission Critical Tenant
  • Step from the State Capital | Dept. Of Revenue | Supreme Court | Secretary of State
  • Largely Responsible for 2021 Credit Upgrades By S&P & Moody's (BBB & Baa3)
  • 2.5 X Below Replacement Cost | Below Market Rent | 2021 Interior Remodel | Fiber Internet
  • Office Sub-Market: 96.3% Occupancy Rate (Costar Analytics) | Below Market Rent
  • Springfield is State Capital & County Seat of Sangamon County | 211,000 Residents In the MSA
  • Daytime Populations Swells to 45,457 & 117,621 In the 1-3 Mile Radius

Investment Overview

Marcus &Millichap is pleased to present the office building for the State of Illinois Comptroller. The single-tenant office has been occupied by the Comptroller for over 40-years and they just signed a new 5-year extension with an additional 5-year option, both of which have rent increases throughout (p. 23). The State of Illinois Comptroller is located in Springfield, IL, less than 1,000 feet from the state Capital building, Department of Revenue, Supreme Court and dozens of other government-leased properties. The Comptroller is an independently elected, mission-critical part of the executive branch along with the Governor, Attorney General, Secretary of State and Treasurer (p.19). The Comptroller is responsible for overseeing the states $45B in revenue and the $42.3B budget (5th Largest in the U.S.) - and is largely responsible for the state's 2021 credit upgrade by S&P & Moody's (p.20). In the last 12 months, the Comptroller reported an 80% reduction of backlogs from the 2015-2017 budget impasse and the early repayment of it's emergency Covid loan from the Federal Reserve's Municipal Liquidity Facility, which saved taxpayers $82 million in interest. The Office of the Comptroller is situated in a tight 96.3% occupied sub-market with rent 18% below average. The sub-market has the lowest available square feet in the last 10- years (Costar Analytics). Every floor of the interior was remodeled in 2021 and the parking lots have all been re-coated in the last 12 months. The offering includes additional parking lots, to the immediate west of the building. The city of Springfield is not only the state capital but also the county seat and the largest city in Sangamon County with over 211,000 residents living in the MSA. Most famously known as the birthplace of Abraham Lincoln, the city is now dominated by high-level state employees and their families. The daytime population in the 1-3-mile radius swells to 45,457 & 117,621, respectively. The downtown is within walking distance and filled with restaurants and cafés to support the employees. Interstate I-55 is just 3-miles east with over 50,000 VPD.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2200

    License(s): IL: 471.011175

    Illinois

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