Another 13,000 sf of retail space, about 25% of the 133-uear-old building, remains available. In addition to being north of the Chicago Theater, owned by TheatreDreams, the building is less than a block from Mills Corp.'s $336-million 108 N. State St. redevelopment project.
"By bringing the office portion of the Page Brothers Building to 100 percent occupancy, a new owner can concentrate on creating a retail or entertainment use for the 13,000-plus square foot vacancy at the base of the building in this rapidly redeveloping area," says Greg Nieder of MB Real Estate, which in addition to leasing space at Page Brothers building, is attempting to broker a sale for the city.
TheatreDreams bought the 3,800-seat Chicago Theater from the city in 2003 for less than $3 million, a fraction of the $21.3 million of principal and interest owed by Chicago Theatre Restoration Associates, which lost the property in foreclosure. TheatreDreams has directed programming and renovation at the Kennedy Center for the Performing Arts in Washington, DC.
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