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Zeller Lists Skokie Offices as Redevelopment Opportunity
Chicago-based real estate firm Zeller has hired Cushman & Wakefield to sell the Old Orchard Towers office property at 5202 Old Orchard Rd. In Skokie, down the street from Westfield Old Orchard, reported Crain’s Chicago Business. There is no asking price listed for the 10-acre site, which includes a 355,195-square-foot office complex that is 65% leased to 15 tenants.
However, Zeller has no intention of selling the property as an income-producing office asset, Crain’s reported, and is actively trying to empty out the property. According to a marketing flyer from Cushman & Wakefield, the site could support up to 597 apartments in a redevelopment.
“Ownership is working to deliver an unencumbered asset as of the end of 2024 and investors are asked to underwrite accordingly,” the flyer said, suggesting two potential redevelopments of the site into a pair of apartment buildings.
- ◦Sale/Acquisition
