Myers Building 1 W Old State Capitol Plz

Marcus & Millichap is pleased to offer for sale the Myers Building at 1 West Old State Capitol Plaza, a landmark 10-story office building located in Springfield, Illinois. This downtown property represents a worthy opportunity for a new owner to capitalize on its location and potential for mixed-use or residential conversion.
Situated on 1.3+- acres, the 107,871-square-foot office building is currently 33 percent occupied. The Illinois Department of Commerce & Economic Opportunity is the property’s largest tenant and occupies 20 percent of the building. In-place rents below market rates and flexible leases negotiated with 20 total tenants represent an appealing opportunity for repositioning. These strategic rent rates provide room for growth during the lease-up phase or redevelopment.
The building also offers long-term appeal thanks to its ideal downtown location within walking distance of plentiful amenities, the historic state capital, medical centers, and major government employers. The property is located in Springfield, the largest city in central Illinois with a population of 112,544 residents. The economy is anchored primarily by the government, healthcare, education, and tourism sectors. Top employers include the State of Illinois, Memorial Health, and the University of Illinois. A primary driver of Springfield’s tourism industry is the presence of multiple iconic landmarks related to President Abraham Lincoln. The presidential library, museum, and former president’s historic home are located near downtown Springfield. Springfield is connected to several Midwest metros via Interstate 55 and Interstate 72. The metro can also be accessed via Abraham Lincoln Capital Airport, less than 5 miles from the property, which serves over 186,000 passengers annually.
The Building has been well maintained with ongoing improvements, most recently in 2016, which included major masonry restoration, common area hallways and a number of full floors.
There are (2) parking lots with excellent parking for a downtown, fully developed office market.