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CHICAGO-Ryerson hopes to sell its 1.3-million-square-foot headquarters, and has listed the 49-acre Chicago Corporate Campus for $29 million. In conjunction with the sale, the metal distributor and processor hopes to arrange a leaseback for a portion of its space in the campus’ nine buildings, at 2621 W. 15th Place. CB Richard Ellis is marketing the property toward investors or users interested in occupying all or a portion of the space.

“Infill locations, particularly in this economy, have greater potential as opposed to green field sites and there are limited infill locations, particularly in the city of Chicago,” says George G. Maragos, SVP with CBRE. “A site of this size with the right mix of users would be a great opportunity to utilize the attributes those structures have. It’s really quality industrial space that has great proximity to the Central Business District and a quality labor pool.”

Ryerson has owned the property since the late-1800s, when Maragos says the campus’ first buildings were developed. New construction continued through the 1980s. The campus, which CBRE executives claim is the largest industrial property in the submarket, comprises approximately five city blocks and offers seven parking lots. The plants feature nearly 54-foot clear ceilings, large capacity bridge cranes, available rail transportation, 8- to 12-inch reinforced concrete floors and power capabilities ranging from 780 to 2,500 KVA.

Ryerson has decreased its occupancy of the buildings significantly over the years and sources say it is now looking to consolidate to around 100,000 square feet in any leaseback arrangement. “Ryerson is considering leasing back a portion from one of the plants as well as a significant portion of the office space, but they’re still trying to determine how much space they’ll take,” Maragos says.

The property is located within Chicago’s Planned Manufacturing Districts on the southwest side of the city, close to the Eisenhower and Stevenson expressways. Maragos says the southwest side of the city remains strong in terms of distribution facilities.

“The economic climate has changed a little bit but it’s still one of the more thriving and significant food distribution areas,” he says. “The market there has done very well and there’s a lot of demand for quality industrial space. There have been some significant investments in the area just to the south of the city in recent years.”

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