This property is Off-Market
325 W. ADAMS STREET
SPRINGFIELD, IL 62704 ·
101,512 SF · Office For Sale
STATE LEASED OFFICE BUILDING
|Building Size||101,512 SF||Building Class||B|
|Property Use Type||Investment||Lot Size||61,666 SF|
|Cap Rate||8.10%||Parking Ratio||1.60 / 1,000 SF|
|Listing ID: 14294643||Date Created: 08/08/2005||Last Updated: 12/09/2006|
PRICE REDUCED BY $200,000, APPROX. $1M IN CAPITAL EXPENDITURES, & NOW OFFERED FREE & CLEAR.
The Land of Lincoln office building is 100% occupied and serves as the headquarters of the Illinois Office of the State Comptroller. The State Comptroller has been a tenant of the building for over 32 years and has signed a lease amendment which extends the lease through June 30, 2011, demonstrating the long term viability of the Land of Lincoln building.
The seller is spending approximately $1,000,000 in capital expenditures which include two (2) new ADA elevators; exterior resurfacing & epoxy coating; an EPDM membrane roof; all new high-energy lighting fixtures; and a fire sprinkler system for the entire building.
The Comptroller is independently elected and is the CFO of the State of Illinois' $54.5 billion budget. The Land of Lincoln building has been the Comptroller's headquarters since 1973. All of the State of Illinois checks are produced in the Land of Lincoln building.
In addition to the expansion into 100% of the GBA, the latest lease extension stipulates annual escalations in 2007-2010 & the tenant's responsibility for 100% of the building's utilities.
The Land of Lincoln building is ideally situated in the heart of Springfield's Central Business District, within the Capital Area Complex and one block from the Illinois State Capitol building, which makes it especially well suited for its long term tenant, the Comptroller of the State of Illinois. It is also only two blocks from the recently dedicated $150 million National Lincoln Library and Museum.
The Springfield Capital Airport is located four miles due north. Major interstates 55 and 72 are both located within close proximity. Chicago lies 200 miles to the northeast. St. Louis lies 100 miles to the southwest.
- 100% Occupied by Essential State Agency
- Lease runs through June 30, 2011
- Over 30 years occupancy
- Approx. $1M in Capital Expenditures
- Offered Free & Clear
- One block from the State Capitol Building
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