Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to present 680 North Lake Shore Drive.
680 North Lake Shore Drive (the “Property”), is a 16-story (with 29-story tower) iconic Class A mixed-use asset containing 493,064 square feet of office, medical office, and retail space and 331-space public garage. The Property is positioned along Lake Michigan at the epicenter of the world-renowned Northwestern Medical Campus (“NMC”) in the affluent Streeterville neighborhood of downtown Chicago.
The Property is 87.7% occupied by independent medical practice groups as well as affiliates of the surrounding world-renowned medical and educational public institutions. A countercyclical primary tenant base with an weighted average lease term of 9.0 years provides a prospective investor diverse and stable cash flows with substantial upside opportunity. Approximately 66.3% of occupied square footage is leased to prominent credit grade medical institutions including Northwestern University, Ann & Robert H. Lurie Children’s Hospital, Northwestern Memorial HealthCare), and NorthShore University HealthSystem. Additionally, 30.2% of rentable area is clinical space with tenants that provide an array of services including women’s health, orthopedics, ENT, and general medicine.
The Property was completed in 1926 and was completely redeveloped from 1979 to 1984 creating luxury condominiums along with the office and retail components that are part of this Offering. Once the largest building in the world, 680 North Lake Shore Drive has a storied history as the former American Furniture Mart and headquarters of Playboy Enterprises. Today, Lurie Children’s serves as the anchor tenant of a predominately medical-oriented building that offers an unparalleled location and is uniquely positioned to capture additional upside as the NMC continues its rapid expansion.
We encourage you to contact us to discuss this unique investment opportunity.
Contact Information
Medical Contacts
Michael Bennett
Managing Director
(312) 528-3694
mbennett@hfflp.com
Phil Mahler
Managing Director
(312) 300-7319
pmahler@hfflp.com
Investment Contacts
Jeff Bramson
Senior Managing Director
(312) 528-3687
jbramson@hfflp.com
Jaime Fink
Senior Managing Director
(312) 528-3683
jfink@hfflp.com
Mark Katz
Managing Director
(312) 980-3604
mkatz@hfflp.com
Ryan Souls
Real Estate Analyst
(312) 300-7292
rsouls@hfflp.com
Debt Contact
Christopher Carroll
Managing Director
(312) 980-3609
ccarroll@hfflp.com
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