Description
The General Services Administration (GSA) is seeking market research information from entities interested in the sale of the William O. Lipinski Federal Building, a 15-story office building with ground floor retail space in Chicago's Near North Side neighborhood. The building contains 372,508 gross square feet and is currently occupied by the Railroad Retirement Board and commercial tenants. The GSA is considering various sale strategies, including a 2026 sale with a below-market rate leaseback, a 2026 sale with a delayed closing, or a 2028 sale as vacant. Respondents are requested to submit White Paper responses to five questions, including the impact of the current leases on the property's value and marketability, and the benefits and challenges of each sale scenario.
• The building is a prime residential conversion candidate, with ongoing interest in such transformations in the City of Chicago.
• The Federal Tenant pays an annual rent of $1,378,389.84, while the Commercial Tenants pay an annual rent of $455,436.24.
• The GSA is seeking information to guide the development of a sale strategy for the property, prioritizing the maximum return for the taxpayer through a competitive public offering.
• The Government intends to use the information received to inform its sale strategy and may use it for planning purposes and making strategic decisions regarding the language of any Statement of Work (SOW) and solicitation for the sale of the property.
Attached files
Contact
Huy Le