Listed by Northmarq Capital, LLC
$10,500,000
Park Place One
Details
Property Type Office
Sub Type Executive Office, Traditional Office
Square Footage 94,029
Net Rentable (SqFt) 94,029
Units 402
Cap Rate 9.89%
NOI $1,038,314
Occupancy 96.79%
Tenancy Multi
Lease Type Gross
Rent Bumps Yes
Lease Options Varies by Tenant
Price per SqFt $112
Class A
Year Built 1988
Buildings 1
Acreage 5.910
Zoning S-2
Parking Spaces 402 spaces
Parking per 1,000 SqFt 4.28
Ownership Fee Simple
Class A Office in Illinois' Capital | 96.7% Occupied | $1,038,314 NOI
Marketing description
Northmarq has been retained as exclusive advisor and agent to offer qualified investors an opportunity to purchase fee simple interest in Park Place One (the “Property”), a 94,029 square foot office building with Class A finishes in Springfield, Illinois. The 4-story building was constructed in 1988 and sits on 5.91 acres. It is the highest quality value-add opportunity in Springfield’s Southwest Submarket.
Currently at 96.79% leased, the Property presents an opportunity to acquire a top-of-the-market asset well below the replacement cost in Springfield. Park Place One Business Complex is a Class A business park that caters to a diverse mix of desirable office tenants including Springfield Clinic (24,672 SF), IBA (12,576 SF), Farnsworth Group (7,567 total SF), Morgan Stanley (5,012 SF), PNC Bank (3,462 SF), and many others.
Investment highlights
- Best Product in Market – Park Place One stands out as the premier office offering in the Springfield market. The Property has been exceptionally well maintained, with ownership consistently investing in upgrades and preventive maintenance to preserve both aesthetic appeal and operational efficiency. The high standard of care is evident throughout the building and positions Park Place One as the top choice for tenants seeking a first-class office environment.
- High Quality Tenant Pool – The building benefits from a curated roster of professional tenants representing a range of industries including finance, legal services, healthcare, and consulting. This strong tenant mix not only reflects the Property's appeal to established businesses, but also provides operational stability. The professional atmosphere enhances the experience for all occupants and supports a collaborative business community within the Property.
- Credit Tenancy – The rent roll includes nationally recognized, investment-grade anchor tenants. The presence of these tenants and their remaining term reduces cash flow volatility and increases the Property's attractiveness to investors seeking durable income streams. This credit strength serves as a key differentiator over competing properties in the region and underscores the building's institutional-quality profile.
- Positive Leasing Momentum – Park Place One continues to demonstrate strong leasing velocity, highlighted by recent renewals and new leases with creditworthy tenants. This positive absorption trend reflects both the building’s superior quality and the limited availability of comparable space in the market. Current ownership has successfully captured market demand by executing strategic lease-up initiatives, positioning the asset for stable occupancy and future cash flow growth.
- Strong Regional Amenities – Ideally situated in Springfield’s White Oaks submarket, Park Place One offers immediate access to a broad range of retail, dining, hospitality, and lifestyle amenities. Tenants benefit from proximity to White Oaks Mall, major hotel chains, fitness centers, and numerous restaurant options. The location also provides excellent regional connectivity via nearby I-72, making it a convenient destination for both employees and visitors.
- Established and Stable Submarket – The White Oaks area is one of Springfield’s most established and sought-after office submarkets. The Property is surrounded by a strong concentration of commercial activity, retail amenities, and residential neighborhoods, which together create long-term demand for quality office space. The submarket’s historical stability, even through varying economic cycles, further supports Park Place One’s positioning as a durable investment opportunity
Listing Contacts
Listed by Northmarq Capital, LLC
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$1,038,314.00
$86,526.17/mo
Valuation Metrics
0
DSCR
9.89%
Cap Rate
9.89%
ROI
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