2 North Lasalle — Sale in Chicago, IL

  • Price: $9
  • Listing type: For sale
  • Asset type: Office
  • Location: Chicago, IL 60602
  • Year built: 1979

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Description

Jones Lang LaSalle (Illinois), L.P. ("JLL") has been exclusively retained to present the opportunity to acquire the 100% fee simple interest in 2 North LaSalle Street (the "Property" or "Two North LaSalle"), a premier office asset commanding the most iconic address in Chicago's Central Business District. Prominently positioned at the corner of LaSalle and Madison Streets — widely known as "Main + Main" — Two North LaSalle sits at the true epicenter of the Loop, where foot traffic, transit access, and urban energy converge at Chicago's most heavily trafficked intersection. Few assets in any major market offer this caliber of address, visibility, and long-term strategic positioning. The 26-story, 713,425 RSF building, designed by the globally recognized firm Perkins + Will, has been comprehensively modernized through a $9.4 million capital program completed in 2021, delivering fully amenitized, institutional-quality space across a distinctive floor plate. The City of Chicago (S&P: BBB) serves as anchor tenant under a long-term lease extending through 2035 — providing a sovereign-grade income foundation that distinguishes Two North LaSalle from virtually any other available office opportunity in the market. At 50% leased with over 9 years of remaining term on the City of Chicago anchor lease, the Property delivers durable, government-backed cash flow — over 95% of Year 1 Revenue — paired with meaningful upside through a disciplined leasing business plan targeting the building's most coveted and competitive vacancy. Two North LaSalle is, in its essence, a core creation opportunity at an irreplaceable location — the chance to acquire an asset at a compelling basis and drive long-term value through disciplined execution at one of Chicago's most enduring addresses.

Market Context

This office in Chicago, IL is listed for sale at $9. The building dates to 1979. Compare it against other office listings for sale in Chicago, IL — view the full market.

As of Q1 2026, the Chicago office market showed a 27.2% vacancy rate, and average asking rents near $45.41/SF/yr. Source: multiple brokerage reports, Q1 2026.

Above-average vacancy gives buyers leverage and a wide set of comparables.

Office market FAQ

Is the Chicago office market tightening or softening?
Vacancy is around 27.2% (Q1 2026).

Estimated Price per SF

$37.63/SF – $273.70/SF

Mid: $114.04/SF

About 8 in 10 recent recorded sales fell within a range this wide around the estimate. An automated estimate, not an appraisal.

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