Episode Details
Back to Episodes
Chicago Parking Garage Hits Market | Real Estate News
Description
Centrum Realty is selling a prime Streeterville parking garage at 240 E. Illinois St., with initial bids rumored around $15 million for its 313 spaces — a rare rebound in the post-pandemic parking market. While demand dipped during lockdowns, downtown office vacancy rates have edged down slightly since 2022, thanks to office-to-apartment conversions, though foot traffic remains 45% below pre-pandemic levels. The property’s location near the Chicago River, theaters, and cultural attractions makes it ideal for transient parkers. This isn’t the first big deal: last summer, a Canadian firm bought four garages near Millennium Park for $100M. Centrum still owes $7M on the property, due in January 2031.
Listen in comfort:
Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn.
Advertise on DNN:
advertise@thednn.ai
This is an automated, high-level news summary based on public reporting.
Report issues to feedback@thednn.ai.
View sources & latest updates:
https://sources.thednn.ai/277daa3a19ab6e68