CHICAGO—The former Allstate Headquarters Building on the WestSide was until recently considered one of the city's mostendangered historic structures, but its owner the RoyalImperial Group believes it and the surroundingneighborhood have redevelopment potential. The Chicago-baseddeveloper has hired Newmark Grubb Knight Frank asthe building's exclusive leasing agent and will commence a 14- to16-month redevelopment when it secures an anchor tenant.

“There are a lot of companies that don't want the congestion oranonymity of being in the central business district,” NGKF'sTed Prillaman, senior managing director, tellsGlobeSt.com. And occupying a significant portion of the 11-story,300,000 square-foot building at 3245 W. Arthington St., now calledWestgate Tower, will allow a company to forge a unique identity butretain the prestige of a Chicago address, he adds.

“Once the renovation is done, we will be able to deliver whatwill essentially be a new space in a new building at a very lowcost,” Prillaman says. Premium space in the CBD typically rents for$40 to $50 per square foot gross, but for the initial anchortenant, NGKF is shooting for about $29 to $30.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.