601 W Randolph - Corner Medical Office
Average Tenant Tenure 8.3 Years with 6.3 Years of WALT
Marketing description
CBRE, Inc. is exclusively representing the sale of 601 W Randolph (“The Property”), a fully leased, mixed-use investment in Chicago’s West Loop. This ±14,800 square foot, five-story building features two tenants: The Aesthetic Institute of Chicago (medical) and Thomas Interiors (design). Strategically positioned at the corner of Randolph and Jefferson, the Property benefits from a prime location in a lively neighborhood renowned for its dining and entertainment options, as well as convenient access to all transportation. Offering a blend of historic character and modern design, The Property houses two established tenants within the vibrant core of the West Loop.
Investment highlights
SUPERB TENANT TENURE WITH LONG TERM LEASES IN PLACE:
This property offers a secure investment, benefiting from a robust tenant base. The weighted average lease term (WALT) for the two tenants is a substantial 6.3 years. Key tenants include The Aesthetic Institute of Chicago, a renowned cosmetic and reconstructive plastic surgery practice, and Thomas Interiors, a leading commercial interior design firm, occupying floors 3-5.
MEDICAL OFFICE, SURGERY CENTER - PLASTIC SURGERY + HIGHLY DISCRETIONARY INCOME:
The Aesthetic Institute of Chicago, and tenants like it, perfectly suit this location due to its proximity to affluent Chicago neighborhoods. Situated near Fulton Market, River North, Gold Coast, and Lincoln Park, areas known for their high net worth residents.
SUPERIOR WEST LOOP/EAST FULTON MARKET LOCATION:
The West Loop: Where Chicago’s industrial past meets modern vibrancy. This revitalized neighborhood boasts sleek residences, stylish offices, and chic hotels, all amidst a thriving culinary and nightlife scene.
HIGH BARRIERS TO ENTRY + SUPERIOR DEMOGRAPHICS:
Driven by strong demand, the desirable West Loop boasts high entry barriers. Within one mile, a wealthy population (average household income over $162,000, median home value $451,000) of 89,919, up 16% since 2020, fuels its appeal, alongside a daytime employment population exceeding 405,000 and ongoing transformation.
EASILY ACCESSIBLE AND CENTRAL LOCATION RIGHT OFF EXPRESSWAY:
Located just steps from the CTA Clinton Green Line ‘L’ Station, a hub for over 5.3 million riders each year, and within easy reach of several CTA bus routes (#20, #56, #J14). Commuting is a breeze with the Ogilvie Transportation Center a short 0.3 miles south, and quick access to major expressways: I-90 is a block west, and I-290 is only 0.6 miles south, ensuring easy travel in every direction.
INCREDIBLE BUSINESS ENVIRONMENT BETWEEN LOOP, WEST LOOP AND FULTON MARKET:
Situated between the Loop and Fulton Market, this property is ideally positioned in a thriving hub of commerce, innovation, and culture. Fulton Market, home to major corporate headquarters like Google, McDonald’s, and Coca-Cola, boasts a dynamic job market and a strong reputation for businesses and professionals.
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