BGRE Listed Marshall Field Office Condo for Sale
The 632,400-square-foot Chicago office space is hitting the market following an expensive redevelopment.
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 listed its six-floor office condo space at the historic Marshall Field building in Chicago for sale. The property, which underwent a $265 million redevelopment, is currently 71 percent leased to tenants including Hireology and Vivid Seats.
Why it matters
The listing signals significant financial pressure on the developer and its lending partners, with the property expected to sell at a deep discount despite the heavy investment. This shift reflects ongoing challenges in the downtown commercial real estate market following pandemic-era office conversions.
The 632,400-square-foot office space at 24 East Washington Street carries a $171 million construction loan from a Deutsche Bank affiliate. Tenants currently occupy 71 percent of the space, which maintains a weighted average lease term of 6.9 years.
The players
BGRE
A major commercial real estate developer and property manager that rebranded from Brookfield Properties in July 2026.
Deutsche Bank
A global financial institution acting as the lender for the $171 million construction loan on the property.
Hireology
A Chicago-based hiring software company currently leasing office space within the Marshall Field building.
Vivid Seats
A digital ticket marketplace and one of the commercial tenants currently occupying the office condo space.
The details
BGRE redeveloped the upper floors of the iconic Marshall Field building into modern office space starting in 2018. The project reached completion in early 2020 but has struggled to reach full occupancy, leading to expectations of a significant financial loss on the sale. The developer previously sold another Chicago asset, 175 West Jackson Boulevard, at an 87 percent loss in February 2026.
Timeline
BGRE acquired the upper floors of the building in 2018.
The office space redevelopment was finished in early 2020.
The construction loan reached its maturation date in 2024.
The firm sold 175 West Jackson Boulevard in February 2026.
Brookfield Properties rebranded to BGRE in July 2026.
The Home Front
This sale highlights the ongoing correction in downtown Chicago commercial property values following the 2020 office conversion wave. The move underscores the financial strain on developers facing loan maturities in a market currently navigating significant shifts in long-term office demand.
Chicago residents living near the Marshall Field building may observe increased foot traffic or changes in commercial activity as the property transitions to new ownership. For those following neighborhood property trends, monitor local business news to see how the sale affects long-term tax assessments or the stability of anchor tenants in the Loop.
The takeaway
Commercial real estate investors are currently absorbing major losses on high-cost office redevelopments in urban centers. Homeowners tracking city health should keep an eye on how these office-space sell-offs influence municipal tax revenues and the availability of local business amenities.
Further reading
Learn more about local commercial shifts by visiting the Chicago 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?
