Lipinski RFI 2026 01 26.pdf

Request for Information (RFI) For the Sale of the William O. Lipinski Federal Building

844 N. Rush Street, Chicago, IL Date: 1/26/2026

Section 1.0 Purpose The General Services Administration (GSA), Public Buildings Service (PBS), Acquisition Management Division, on behalf of the Office of Real Property Disposition (RPD), is issuing this Request for Information (RFI) to seek market research information from entities interested in the sale of the William O. Lipinski Federal Building at 844 N. Rush Street, Chicago, Illinois (Property).

Section 2.0 Objective This RFI is issued to solicit information and market research to guide the development of a sale strategy for the Property further described in Section 3.0. The Government’s objective is to identify a strategy to manage the sale of the Property in an efficient and effective manner, prioritizing the maximum return for the taxpayer through a competitive public offering, and assisting in the transition of the Property from Government use to the private sector.

Section 3.0 Property Description The Property is a 15-story office building with ground floor retail space in Chicago's Near North Side neighborhood (DX-12: Downtown Mixed-Use District). It was built in 1923, and has been owned by the Federal Government since 1942. The building contains 372,508 gross square feet, yielding 352,229 rentable sf (RSF), and 271,171 usable sf. As a prime residential conversion candidate, the Property is well suited to take advantage of the ongoing interest in such transformations in the City of Chicago.

The office portion of the building is occupied by the Railroad Retirement Board (Federal Tenant), occupying 281,892 RSF. A take-out restaurant and luxury car dealership (Commercial Tenants) lease the ground floor and mezzanine, and occupy 48,034 RSF.

Section 4.0 Existing Leases to Continue It is anticipated that the Federal Tenant will remain in the space until June 2028, while the Commercial Tenants will stay through October 2027. The Federal Tenant pays an annual rent of $ 1,378,389.84, while the Commercial Tenants pay an annual rent of $455,436.24. Terms of the Federal Tenant’s lease are shown in the Lipinski Sale Leaseback (GSA Template L101) attached hereto as Exhibit A. The terms of the Commercial Tenants lease are set forth in Commercial Tenants Lease Terms, attached hereto as Exhibit B. The Commercial Tenant Lease Terms will require conversion to an appropriate private sector instrument by the new property owner in a scenario where the main Federal Tenant remains at the property in a leaseback arrangement with the new property owner.

The Federal Tenant DOES NOT intend to retain operations and maintenance responsibilities for the Property through the term of its occupancy. Thus, the new owner will be responsible for these costs, as well as for capital improvements for any remainder of the Federal Tenants occupancy.

Section 5.0 Response Requirements:

Respondents are requested to submit White Paper responses to the five questions raised below.

The cover page of the response should include the company name, address, point of contact including phone number and email address, as well as the business status of the responding entity, if applicable. There is no specified format for the White Papers but they shall be limited to no greater than 20 pages and highlight the attributes and examples addressed.

This RFI is issued solely for information and planning purposes. It does not constitute a Request for Proposal (RFP), Request for Quote (RFQ) or a promise to issue an RFP or an RFQ in the future. This RFI does not commit the U.S. Government (Government) to contract for any service whatsoever. Further, the Government is not at this time seeking proposals or quotes and will not accept unsolicited proposals or quotes. The Government is under no obligation to provide a response or feedback to Respondents of this RFI.

The Government invites Respondents to submit ideas that could assist it in attaining its objectives. The Government will not reimburse Respondents for any expenses associated with responding to this RFI, though the Government sincerely appreciates Respondents' efforts and input. The Government may use the information provided in response to this RFI for planning purposes and for making strategic decisions regarding the language of any Statement of Work (SOW) and solicitation for the sale of the Property.

Responses: Due no later than 3:00 PM Eastern Standard Time (EST) on Wednesday, February 25, 2026 sent via email to huy.le@gsa.gov and rhiannon.martin@gsa.gov.

Disclaimer: This is a Request for Information (RFI) only. This notice does not constitute an invitation for bids or a request for proposal and is not a commitment by the U.S. Government to procure subject products or services nor will the Government reimburse any parties for costs associated with this request. The Government intends to use the information received to inform its sale strategy. Additionally, all submissions become Government property and will not be returned. No basis for a claim against the Government shall arise from a response to this RFI.

Submitting a response or declining to submit a response to this RFI does not preclude participation in any future RFP or RFQ, if any is issued.

Section 6.0 Questions:

1. Please provide your assessment of how the Federal Tenant and Commercial Tenant leases, at the current rental rates, impact the Property’s value and marketability?

2. If you believe the existing Federal Tenant’s occupancy will be an impediment, how would you suggest that be resolved?

mailto:huy.le@gsa.gov mailto:rhiannon.martin@gsa.gov

3. Based on the existing tenant relocation timeline described in Section 4.0, the Government is considering various sale strategies including, but not limited to, the following:

a. 2026 sale with a below-market rate leaseback for up to 3 years (maximum) from sale award

b. 2026 sale with a delayed closing upon tenant relocation in 2028. This could include graduated or interim use agreements for increased property access in exchange for additional earnest money deposits over that period as any appropriate variances or zoning changes are pursued.

c. 2028 sale, as vacant

Given these scenarios, which option would be preferable to the market generally?

Please describe the benefits and challenges of each option considering the timing to bring the asset to market and the impact on likely returns to the Government. Are there other transaction scenarios not described above that you would recommend for consideration? If so, please describe.

4. As a federal property, no Certificate of Occupancy (COO) exists with the City of Chicago. Does the lack of a COO present an obstacle for a new owner in a short-term, sale leaseback scenario? If so, please describe how this would impact your approach and what due diligence information, if any, would be needed by a new owner?

5. Taking into consideration the descriptions in Sections 3.0 and 4.0, the scenarios in Question #3, and your knowledge of the Chicago real estate market, would you recommend a different transactional structure in order to meet the Government’s objective? If so, please describe.

Exhibit A Lipinski Sale-Leaseback https://docs.google.com/document/d/1tEuq0DGxaFTrHTA6pOPiu0S0wJ9KvI-qbc-Hcr_0TOI/edit?tab=t.0

Exhibit B Commercial Tenants Lease Terms https://drive.google.com/file/d/1nYZ255x5gNtDNsh8vNsBKsiJdLgRBcOX/view?usp=sharing