Sixty-five employees will work on the fourth floor of the State Street building for the company's new e-commerce department. The firm has redesigned its Web site, with the ability to fill prescriptions online and answer consumer drug questions, and these employees are from that creative team. The company operates more than 7,000 retail stores in the United States and Puerto Rico.
The Joseph Freed & Associates-owned Sullivan Center has 750,000 square feet of office space, with tenants that include the School of Art Institute of Chicago, Gensler Inc. and the State of Illinois, and about 250,000 square feet of retail that used to house a Carson Prairie Scott department store. The company has been renovating the building for the past few years, says a Freed spokeswoman. "We just pulled down the scaffolding over the retail portion, and we're working hard to find new tenants." It's been reported that Target may consider opening its first downtown store in the building, and Target executives confirmed that they are looking at a downtown Chicago location.
She says the office portion of the complex is just more than 80% leased. She would not comment on the lease rate. The average rate for Class B office space in the Central Loop is about $29.66 per square foot, according to a fourth-quarter Grubb & Ellis market report. The Sullivan is more in the South Loop area, but not much data is kept about the South Loop because the area is more geared toward retail and condo space than office.
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