CHICAGO-Property & Building Co., a subsidiary of IDB Holding, is going to sell the Barneys building on Oak Street here for $154 million.
The Israeli real estate developer has agreed to sell the six-story, 94,600-square-foot building at 1-15 E. Oak St., to an unnamed American corporation that specializes in shopping centers, according to the Reuters report.
A Barneys New York store occupies approximately 90,000 square feet of the building with the remainder being leased by a Citibank branch. Barneys began a 15-year lease in 2009, when the building was constructed, according to Crain's Chicago Business.
IDB purchased the building in 2011 for $122 million and recently hired CBRE to market the property for sale. See story in Crain's Chicago Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
