Sheldon Good & Co., which is conducting the auction, suggests the building could be a headquarters for government agencies or foundations. The 13-story building can be delivered vacant, the auction firm says.
Besides being near a Metra commuter rail station, the 90-year-old building is northwest of the controversial Millennium Park, next door to the Smurfit-Stone building. While critics point to significant cost overruns of building the city-owned project at the north end of Grant Park, as well as a parking structure that has produced much lower revenue than expected, backers say it will help raise property values on North Michigan Avenue and surrounding streets.
Managed by Insignia/ESG, the building was renovated in 2000. The published gross lease rate was $23 per sf, but its most recent occupancy was 33%.
Tax records indicate the property may be a redevelopment candidate. The Cook County assessor's office places 87% of the property's value in the land. Property records also indicate building ownership, North Star Trust, obtained a $3.25 million mortgage on the property in December.
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