Investment Overview

Marcus & Millichap is pleased to present the office of the State of Illinois Comptroller - the single tenant for over 40 years. The State of Illinois Comptroller is in Springfield, IL, less than 1,000 feet (about 304.8 m) 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.) On February 23, 2023, the State earned a credit upgrade to "A-" by S&P. The Comptroller signed their 5-year extension in September of 2021 and just submitted a "Notice of Intent to Renew" in January 2023. This renewal is for an additional 5-year option, with rent increases. The Office of the Comptroller is situated in a tight sub-market with below average rent. The sub-market has the lowest available square feet in the last 10- years (Costar Analytics). Every floor of the interior underwent a remodel in 2021 and the parking lots have all been re-coated in the last 12 months. The building 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 area 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