BGRE Listed Chicago Marshall Field Office Condo for Sale
Owners of the 632,400-square-foot office space at 24 East Washington Street have listed the property for sale.
Updated on Sept. 22, 2026 in Commercial
Live Poll
Do you believe downtown office buildings remain a stable long-term investment for commercial property owners?
BGRE has officially listed the six-floor office condo space located within Chicago's historic Marshall Field building. The property, which underwent a $265 million redevelopment, is currently 71 percent leased to tenants including Hireology, Olam International, Numerator, and Vivid Seats.
Why it matters
The listing highlights ongoing challenges in the commercial real estate market, as the property is expected to sell at a significant discount compared to its total redevelopment costs. Financial losses are anticipated for both the developer and the lender involved in the project.
The property spans 632,400 square feet and carries a $171 million construction loan from a Deutsche Bank affiliate. With a 71 percent leasing rate and a 6.9-year weighted average lease term, the asset follows a recent 87 percent loss on the sale of 175 West Jackson Boulevard.
The players
BGRE
A major commercial real estate developer and property owner formerly known as Brookfield Properties.
Deutsche Bank
A global financial institution that provided a $171 million construction loan for the Marshall Field project.
Hireology
A human resources software company that currently leases space within the Marshall Field office condo.
Olam International
A global food and agribusiness firm currently operating as a tenant at the 24 East Washington Street site.
Vivid Seats
A ticket marketplace company that maintains office space within the listed property.
The details
BGRE redeveloped the upper floors of the building into modern office space starting in 2018 and finishing in early 2020. The current sale process arrives after a $171 million construction loan reached its maturation date in 2024. Market observers expect the sale to result in financial losses for all parties involved, mirroring recent trends for large-scale Chicago office assets.
Timeline
2018: BGRE acquired the upper floors of the Marshall Field building.
Early 2020: The developer completed the office space redevelopment.
2024: The $171 million construction loan reached its maturation date.
February 2026: BGRE sold the property at 175 West Jackson Boulevard.
July 2026: Brookfield Properties rebranded to BGRE.
Money Landscape
The listing reflects the broader valuation pressures currently facing large-scale Chicago office assets. It follows a pattern set by the sale of 175 West Jackson Boulevard, signaling a period of significant value adjustment for downtown commercial properties.
Readers monitoring commercial real estate should watch for how the sale price impacts local property tax assessments and surrounding commercial valuations. Homeowners and investors should consult with a professional regarding how citywide commercial vacancy trends may influence municipal budget priorities.
The takeaway
Large commercial property sales in urban cores remain under pressure, often resulting in significant capital loss for developers and lenders. Keep an eye on local public records for the final transaction price, which may offer further insight into the depth of the current office valuation reset.
Further reading
For more trends on local business property, see our Commercial section.
Source note: This article includes information reported by The Real Deal New York.
Live Poll
Do you believe downtown office buildings remain a stable long-term investment for commercial property owners?
