BGRE Listed Marshall Field Office Space for Sale
The firm placed its six-floor office condo space at 24 East Washington Street on the market.
Updated on Sept. 22, 2026 in Commercial
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BGRE has listed its 632,400-square-foot office condo space at the Marshall Field building for sale. The property, which was redeveloped into offices in early 2020, is currently 71 percent leased.
Why it matters
The sale comes as the developer and its lender face a significant financial loss on the property following a $265 million redevelopment project. Projections indicate the office space will likely sell at a deep discount compared to total investment costs.
The office property spans 632,400 square feet with a weighted average lease term of 6.9 years. Current tenants include companies such as Hireology, Olam International, Numerator, and Vivid Seats.
The players
BGRE
Formerly known as Brookfield Properties, this real estate firm is headquartered in Toronto and specializes in large-scale commercial property management.
Deutsche Bank
This global financial institution provided the $171 million construction loan for the Marshall Field building redevelopment through an affiliate.
The details
BGRE acquired the upper floors of the iconic building for $27 million in 2018 before completing the massive renovation project. The developer holds a $171 million construction loan from an affiliate of Deutsche Bank, which matured in 2024.
Timeline
BGRE acquired the upper floors of the building in 2018.
The office space redevelopment finished in early 2020.
The construction loan matured in 2024.
Brookfield Properties rebranded to BGRE in July 2026.
Culture Shift
The sale follows a pattern of high-loss asset divestment set by the recent sale of 175 West Jackson Boulevard in February 2026. This trend reflects the ongoing challenges in the commercial real estate sector as major developers look to offload aging or redeveloped office assets.
The listing of such a large office block may lead to shifts in the local tenant landscape as new ownership takes over the space. Residents and area business owners should watch for changes in occupancy levels that could influence street-level activity near the building.
The takeaway
Commercial real estate investors are increasingly forced to divest properties at steep discounts as construction loans mature. This shift underscores the difficulty of recouping high redevelopment costs in the current office market environment.
Further reading
For more insight into the local market, read about the Chicago Commercial sector.
Source note: This article includes information reported by The Real Deal New York.
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