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Chicago Greyhound Bus Depot Up for Sale as Redevelopment Candidate
Connecticut-based Twenty Lake Holdings has hired CBRE to sell the Greyhound bus station at 630 W. Harrison St., next to the Jane Byrne Interchange. Totaling about 88,000 square feet, the site could accommodate a big development, possibly with two towers, Keely Polczynski, SVP in CBRE’s Chicago office, told Crain’s Chicago Business. She expects the property to fetch a price in the low- to mid-$20 million range.
Twenty Lake acquired the Chicago bus station in December through a $140-million deal for 33 Greyhound properties around the country. Now, less than two months later, it’s trying to flip the Chicago property.
Greyhound still operates the station under a lease that expires in a couple of years, said Polczynski. Though Greyhound pays about $1 million annually in rent, prospective buyers are likely to look past that to the property’s development potential, reported Crain’s.
