632 N Dearborn Street

632 N Dearborn Street

632 North Dearborn Street, Chicago, IL, USA

632 N Dearborn Street

Cushman & Wakefield of Illinois, Inc. (“C&W”) has been retained as exclusive advisor to sell the fee simple interest in TAO Chicago – a multistory landmark structure containing approximately 34,000 rentable square feet (and 55,226 gross square feet) located at 632 N Dearborn Street, Chicago, Illinois 60654 (the “Property”). The Property, which operates as a single-tenant restaurant and world-class nightclub, is fully occupied for an initial term of 20 years with no termination or contraction options, having commenced October 1st of 2018 through September 30th of 2038. The tenant’s absolute net lease entails 6% escalations in rent every three years and includes three 5-year options to extend occupancy at the greater of 102% of prior year’s rent or fair market value rates.

The iconic urban asset holds a striking presence at the northwest corner of Dearborn and Ontario Streets, commanding over 251 feet of combined linear frontage along two heavily trafficked arterials in the dynamic submarket of River North. The Property, situated on 15,720 square feet of land, is located within a downtown mixed-use zoning district served by an as-of-right density multiple of five (DX-5). This underlying zoning yields 78,600 square feet of total Floor Area Ratio (“FAR”), resulting in 23,374 square feet of unused, yet encumbered FAR beyond existing improvements. Air rights can be sold or transferred to contiguous property for future development.

632 N Dearborn Street delivers a unique value proposition to the marketplace: a state-of- the-art social experience for consumers and a stable cash flow opportunity for investors. Beyond the remarkable area demographics, attributable to both local and visiting patrons, the Property will continue to benefit from impressive health ratios, reduced real estate taxes via Class L designation, and attractive income growth from diverse revenue streams well into the foreseeable future. Tao Chicago’s inaugural sales performance underscores the strength of concept, brand and operations, making 632 N Dearborn Street a rare offering with compelling yields, already defined by a place in the halls of food & beverage history.

Property Summary

Year Built1892/2018
GLA (SF)34,000 SF
AnchorTAO Chicago

Contact Us

Contact Us Property

Our Clients

Register as an Investor