One South Dearborn — Sale in Chicago, IL

  • Price: $132
  • Listing type: For sale
  • Asset type: Office
  • Location: Chicago, IL 60603
  • Year built: 2005

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Description

Jones Lang LaSalle (Illinois), L.P. (“JLL”) as the exclusive advisor, presents the opportunity to acquire the 100% fee simple interest in One South Dearborn (the "Property" or "One South Dearborn"), an 828,538-square-foot, 40-story Class A trophy office tower located in the heart of Chicago’s Central Loop. Developed in 2005 by Hines, the Property is 84% leased with 4.1 years of remaining weighted average lease term (“WALT”). Prominently situated at the intersection of Dearborn and Madison Streets, the Property’s location boasts unrivaled views and transportation advantages linking the Property to talent in both the city center and suburbs. One South Dearborn is anchored by Sidley Austin LLP — one of the top law firms in the world — across 544,000 square feet or 65% of the Property through December 2030. With approximately $132 million of remaining contractual gross rental revenue under Sidley Austin’s lease, the Property delivers a 4-year runway of secure, in-place contractual income paired with meaningful upside either through Sidley's retention or through lease-up of what would be the largest contiguous top of building vacancy in a trophy building in the entire Chicago CBD. This rare combination of contractual, in-place income with upside in a trophy asset distinguishes One South Dearborn from any other office opportunity in the market. One South Dearborn is, in its essence, a core creation opportunity of a best-in-class, trophy asset – the chance to acquire an asset at a compelling basis and drive long-term value through disciplined leasing execution. All inquiries regarding this exceptional opportunity should be directed to JLL.

Market Context

This office in Chicago, IL is listed for sale at $132. The building dates to 2005. 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

$41.86/SF – $304.44/SF

Mid: $126.85/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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