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32,193 SF BUILDING FOR PURCHASE OR LEASE 50 E Erie St - Murphy Auditorium CHICAGO, IL
32,193 SF BUILDING FOR PURCHASE OR LEASE
50 E Erie St - Murphy AuditoriumCHICAGO, IL
© Cushman & Wakefield2
Executive Summary 50 E Erie
Cushman & Wakefield has been retained by American College of Surgeons (“Owner”) as its exclusive advisor in the sale of the Murphy Auditorium at 50 East Erie Street, Chicago, Illinois 60611 (the “Property”). This rare oppor-tunity consists of a 32,193 square feet French Renaissance style building, a replica of La Chapelle de Notre Dame de Consolation, in Chicago’s vibrant River North neighborhood.
The six-story existing property was constructed in 1926 by the American College of Surgeons (“ACS”) as a memorial to one of the organization’s founders, Dr. John B. Murphy. The property, designed by Marshall and Fox, was used to host ACS meetings and serve as a center for education in sur-gery. Due to the growing need for more space, the Property was extensively renovated in 1987 to add office space. In 1997, ACS relocated all of its staff to a new headquarters building and in 2003 ACS began restoration of the asset to its original design and architectural details, which was completed in 2006. The Property includes a three-story auditorium which seats 650 with an additional three floors of office space above it and restrooms and me-chanical service areas on the garden level. A distinctive feature is a pair of bronze doors that dominate the front entrance. The existing as-is conditions can easily serve as meeting/performance venue or banquet, commercial office, institutional, and religious use.
Ownership currently rents the Property as an event venue.
The site area is 0.19 acres or 8,437 square feet, and is zoned DX-12 (Down-town mixed-used district).
50 East Erie Street is situated between Rush Street and Wabash Street, just two blocks west of Michigan Avenue. The immediate area consists of luxury residential buildings, hotels, retail/entertainment, and high-rise office.
50 East Erie Street is ideally located in the heart of River North. The site is walking distance to the CTA ‘L’ Red, Brown, and Purple line stations and to CTA bus lines 3, 26, 37, 125, 143, 146, 147, 148, and 151. The property is 3 minutes walking to Michigan Avenue and 10 minutes walking to the Central Business District.
Ownership desires to close on the sale or lease of the Property on or before the first quarter of 2020.
cushmanwakefield.com3 © Cushman & Wakefield 3
AMERICAN COLLEGE OF SURGEONS | WELCOME TO WHAT’S NEXT
CURRENT SITUATION
LAND AREA0.19 ACRES (8,437 SF)GROSS BUILDING AREA
32,193 SF
PROPERTY TAXTAX EXEMPT
ZONINGDX-12
YEAR BUILT/RENOVATED1926/2003
ADDRESS50 EAST ERIE
ALDERMAN/WARDBRENDAN REILLY
42ND WARD
50 ERIE ERIE
Investment Highlights 50 E Erie
AIR RIGHTSSOLD IN 1998AMERICAN COLLEGE OF SURGEONS | WELCOME TO WHAT’S NEXT
CURRENT SITUATION
LAND AREA0.19 ACRES (8,437 SF)GROSS BUILDING AREA
32,193 SF
PROPERTY TAXTAX EXEMPT
ZONINGDX-12
YEAR BUILT/RENOVATED1926/2003
ADDRESS50 EAST ERIE
ALDERMAN/WARDBRENDAN REILLY
42ND WARD
50 ERIE ERIE
AMERICAN COLLEGE OF SURGEONS | WELCOME TO WHAT’S NEXT
CURRENT SITUATION
LAND AREA0.19 ACRES (8,437 SF)GROSS BUILDING AREA
32,193 SF
PROPERTY TAXTAX EXEMPT
ZONINGDX-12
YEAR BUILT/RENOVATED1926/2003
ADDRESS50 EAST ERIE
ALDERMAN/WARDBRENDAN REILLY
42ND WARD
50 ERIE ERIE
AMERICAN COLLEGE OF SURGEONS | WELCOME TO WHAT’S NEXT
CURRENT SITUATION
LAND AREA0.19 ACRES (8,437 SF)GROSS BUILDING AREA
32,193 SF
PROPERTY TAXTAX EXEMPT
ZONINGDX-12
YEAR BUILT/RENOVATED1926/2003
ADDRESS50 EAST ERIE
ALDERMAN/WARDBRENDAN REILLY
42ND WARD
50 ERIE ERIE
STORIES6 STORIES
© Cushman & Wakefield4
50 E ErieThe Site
cushmanwakefield.com5 5© Cushman & Wakefield
Existing Floor Plans
Garden Level First Floor Second Floor
50 E Erie
6 © Cushman & Wakefield
50 E ErieExisting Floor Plans
Fifth Floor
Third Floor Fourth Floor
Sixth Floor
cushmanwakefield.com7 7© Cushman & Wakefield
Transportation Map 50 E Erie
8 © Cushman & Wakefield
50 E ErieArea Developments
cushmanwakefield.com9 9© Cushman & Wakefield
50 E Erie
50 East Erie Street is being offered as a sale or lease on an ‘as-is, where-is’ basis. Buyers are to specify a proposed sales or lease price.
The prospective purchaser(s) will be selected by Owner in consultation with Cushman & Wakefield on the basis of (i) price (ii) proposed develop-ment plan (iii) track record of successful closing (iv) financial strength (v) level of discretion to invest funds (vi) record of working productively with local communities. Written notification will be sent regarding the bid date. Initial bids must be submitted to the attention of Dirk Riekse and Frank Franzese. The Owner reserves the right to accept an offer prior to this date or to remove the Property from the market at any time.
INSPECTIONS
Interior property tours will be scheduled by contacting Dirk Riekse or Frank Franzese.
CONTACT
Please do not attempt to contact the Owner or property management staff. Questions regarding the offering should be directed to the following:
FOR MORE INFORMATION ON THE EVENT SPACE, PLEASE REFERENCE WWW.THE-MURPHY.COM
Offer Process & Deadline
Aaron SchusterSenior [email protected]
Kathleen NelsonSenior [email protected]
J. Frank FranzeseExecutive Managing [email protected]
Dirk RiekseManaging [email protected]
Broker NameExecutive Managing Director+1 234 567 [email protected]
Broker NameExecutive Managing Director+1 234 567 [email protected]
Broker NameExecutive Managing Director+1 234 567 [email protected]
Broker NameExecutive Managing Director+1 234 567 [email protected]
© 2019 Cushman & Wakefield. All rights reserved. The information contained in this communication is confidential, may be privileged and is
intended for the exclusive use of the above named addressee(s). If you are not the intended recipient(s), you are expressly prohibited from
copying, distributing, disseminating, or in any other way using any information contained within this communication. This information has
been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR
IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY
OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS,
CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDI-
TIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAIN-
TY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE. This brochure may be considered advertising
under federal law.
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