With so many new apartment buildings going up in River North, investors are certainly seeing the potential for office and commercial space within the neighborhood as well. According to a report from Crain’s, the 35-story office tower at 321 N. Clark Street is going up for sale, which has nearly 900,000 square feet of commercial space.
After a record volume in office sales in 2015 that totaled over $6 billion in downtown Chicago, the commercial market in many ways is as hot as many other segments of the Chicago real estate market.
Early estimates have the building selling for between $350 and $375 per square foot, putting the final sales price at over $335 million. As noted by Crain’s, a Houston-based venture purchased 321 N. Clark Street for $247.3 million back in 2006 just before the real estate crash, but its owners should still see a healthy profit should the building eventually sell.
What's also worth noting is that of all the downtown Chicago neighborhoods, vacancy was the lowest in River North during the fourth quarter, which was right around 3% below the overall vacancy in the entire downtown area. And with nearly 96 percent of 321 N. Clark currently leased, it should be an attractive investment for anybody looking to jump into downtown’s robust commercial market.