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Office

Illinois Business Center

400 W Monroe St, Springfield, IL 62704

Listing Price: $3,000,000

Gross SF
69,000
Rentable SF
69,000
Price/Gross SF
$43.48
Lot Size
2.50 acres
Year Built
1989

Investment Overview

Marcus & Millichap is pleased to present the fee simple ownership of 400 W. Monroe Street, Springfield, Illinois. The property is a government anchored office building occupied by multiple tenants operating on gross leases. The subject property was recently upgraded with over $77,000 in tenant improvements. Current tenants include American Petroleum Institute, SPAC Illinois Sentencing Policy Advisory Council, Office of the State Appellate Defender, and Illinois Banker’s Association. The 4 tenants occupy 19,528-square-feet of the properties 59,829-square-feet total rentable building area, presenting a great value add opportunity for investors. The largest tenant in the mix is the Office of the State Appellate Defender. They operate their administrative office, 4th judicial district, expungement unit and juvenile defender resource center out of their 15,584-square-feet of office space. The OSAD has a lease term through 2030. American Petroleum Institute has been a tenant since 1989 and has lease term through the end of 2023. API’s mission is to promote safety in the industry and influence public policy in favor of a strong U.S. oil and natural gas industry. For more than 90 years, API has led the development of industry equipment and operating standards through maintaining over 800 standards and recommended practices. The Illinois Department of Central Management Services provides top-quality programs, service and guidance that support more than 80 agencies, boards, and commissions. They work behind the scenes to enable the State’s agencies to provide the most efficient and reliable services to the citizens of Illinois. The Illinois Bankers Association is a full-service trade association, founded in 1891, that focuses on connecting bankers and advancing the industry. They are dedicated to creating a positive business climate that benefits the banking industry as well as the communities they serve. IBA serves all sizes of institutions that combine to employ over 105,000 people across the state. Springfield is the capital of Illinois and a major hub for public sector activity, employing nearly 18,000 government employees. Springfield’s economy continues to diversify through the help of nonprofit incubators and tourists being drawn to the city’s historical sites. Springfield is approximately 100 miles from St. Louis and 200 miles from both Chicago and Indianapolis. Within a 10-mile radius the city has a population of about 170,000 people and an average household income of over $87,000. Monroe St. sees over 5,000 vehicles per day.

Investment Highlights

  • The State of Illinois received a credit upgrade in June 2021 to Baa2 from Baa3 by Moody's
  • The building is strategially positioned twoblocks from the Illinois State Capital Building
  • Surrounded by a number of state-tenanted buildings

Exclusively Listed By

Office

Illinois Business Center

Listing Price: $3,000,000

Gross SF
69,000
Rentable SF
69,000
Price/Gross SF
$43.48
Lot Size
2.50 acres
Year Built
1989

Investment Highlights

  • The State of Illinois received a credit upgrade in June 2021 to Baa2 from Baa3 by Moody's
  • The building is strategially positioned twoblocks from the Illinois State Capital Building
  • Surrounded by a number of state-tenanted buildings

Investment Overview

Marcus & Millichap is pleased to present the fee simple ownership of 400 W. Monroe Street, Springfield, Illinois. The property is a government anchored office building occupied by multiple tenants operating on gross leases. The subject property was recently upgraded with over $77,000 in tenant improvements. Current tenants include American Petroleum Institute, SPAC Illinois Sentencing Policy Advisory Council, Office of the State Appellate Defender, and Illinois Banker’s Association. The 4 tenants occupy 19,528-square-feet of the properties 59,829-square-feet total rentable building area, presenting a great value add opportunity for investors. The largest tenant in the mix is the Office of the State Appellate Defender. They operate their administrative office, 4th judicial district, expungement unit and juvenile defender resource center out of their 15,584-square-feet of office space. The OSAD has a lease term through 2030. American Petroleum Institute has been a tenant since 1989 and has lease term through the end of 2023. API’s mission is to promote safety in the industry and influence public policy in favor of a strong U.S. oil and natural gas industry. For more than 90 years, API has led the development of industry equipment and operating standards through maintaining over 800 standards and recommended practices. The Illinois Department of Central Management Services provides top-quality programs, service and guidance that support more than 80 agencies, boards, and commissions. They work behind the scenes to enable the State’s agencies to provide the most efficient and reliable services to the citizens of Illinois. The Illinois Bankers Association is a full-service trade association, founded in 1891, that focuses on connecting bankers and advancing the industry. They are dedicated to creating a positive business climate that benefits the banking industry as well as the communities they serve. IBA serves all sizes of institutions that combine to employ over 105,000 people across the state. Springfield is the capital of Illinois and a major hub for public sector activity, employing nearly 18,000 government employees. Springfield’s economy continues to diversify through the help of nonprofit incubators and tourists being drawn to the city’s historical sites. Springfield is approximately 100 miles from St. Louis and 200 miles from both Chicago and Indianapolis. Within a 10-mile radius the city has a population of about 170,000 people and an average household income of over $87,000. Monroe St. sees over 5,000 vehicles per day.

Exclusively Listed By

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