July 30, 2014
New customer emerges for Chicago Public Schools HQ
By Ryan Ori
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Chicago Public Schools’ domicile will live on as an bureau building, after a prior understanding to sell a 20-story Loop building to an unit developer fell through.
A try of Chicago-based Blue Star Properties Inc. has a agreement to buy a 507,920-square-foot building during 125 S. Clark St., that it skeleton to redevelop as loft bureau space after CPS moves out after this year, Blue Star owner Craig Golden confirmed.
Mr. Golden declined to divulge a price, yet It is believed to be good next a approximately $35 million a propagandize district was set to fetch in a sale to Marc Realty Residential LLC before that understanding fell apart, according to sources. David Ruttenberg, a principal during MRR, a corner try of Chicago-based Marc Realty and Chicago Apartment Finders, declined to comment.
Rather than converting a 1907 building, designed by Daniel Burnham’s design firm, Blue Star intends to debonair it adult and keep it as offices for tech startups and artistic firms, Mr. Golden said.
‘BEAUTIFUL OLD BUILDING’
The Blue Star try will deposit some-more than $30 million renovating a building, Mr. Golden estimated. It skeleton to mislay dump ceilings and implement incomparable windows to prominence a 11-foot ceilings and supplement restaurants, shops and other amenities, Mr. Golden said.
“We’re looking to unequivocally have a some-more contemporary, creative, civic feel by lofting and opening adult a aged space,” Mr. Golden said. “It’s a pleasing aged building with some good bones.”
While developers such as MRR have been bustling converting selected bureau buildings into other uses, such as apartments and hotels, Blue Star thinks it can constraint tenants from a flourishing record village in Chicago. The organisation specializes in renovating office, sell and industrial properties in a Chicago area.
Mr. Golden co-founded Chicago-based Sterling Bay Cos. — another organisation famous for modernizing comparison structures — in 1987 before withdrawal to form Blue Star in 2007.
RESTAURANT, BAR PROJECTS
He also is famous for his impasse in restaurants, bars and party venues, including Thalia Hall in Pilsen, Longman Eagle in Logan Square, a Promontory in Hyde Park, and SPACE and Union Pizzeria in Evanston.
Mr. Golden pronounced he already has talked with Bruce Finkelman, his partner in some of those projects, about a dual opening some form of eatery during 125 S. Clark.
A CPS mouthpiece declined to comment.
CommonWealth Edison Co., that once used a building as a headquarters, sole it to CPS in 1998. CPS paid $8.2 million and designed to deposit about $20 million in a building, a Chicago Tribune reported during a time.
CPS used to use a whole building yet some-more recently has indispensable usually about 200,000 block feet. CPS pronounced in Mar 2013 that it was looking to sell or franchise a building, estimating that relocating some-more than 1,000 employees elsewhere would save $2 million to $3 million annually. It has leased about 160,000 block feet during 2 N. State St., where a space will embody partial of a recently sealed Sears store.
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