The property is located across the street from the 1-million-sf Carson Pirie Scott store, bought by Wheeling, IL-based Joseph Freed and Associates in October for $19 million. The department store will remain in its 620,000 sf, but a $50-million project will update and renovate 400,000 sf of office space. The total cost of that project is $70 per sf.
"For this building to be vacant is baffling," says Thor Equities chairman and CEO Joseph J. Sitt. "This site will allow us to add to Chicago's already established retail and commercial scene by adding high-end retail shops and class-A office space."
Clothing stores such as the Gap are being eyed as possible retail tenants.
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