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17-Story River North Tower Slated for Sale
The River North office building where WeWork shut down a large space and that previously housed Google’s Chicago office is up for sale for potentially less than the loan value, an unfortunate trend seen across several recent Chicago property listings, reported Crain’s Chicago Business.
Cushman & Wakefield has been hired to source a buyer for the office portion of the 17-story tower at 20 W. Kinzie Street. The Kinzie Street offering is for several stories of office space, a ground-floor office lobby and below-ground parking. The sale will not include the separately owned Kinzie Hotel on the lower floors.
The roughly 250,000-square-foot office portion of the building is about 80% vacant, after the departure of the largest tenant, WeWork, amid financial struggles during and after the pandemic. Alter Group, which completed the building in 2000, is working “in harmony” with Bank of America to explore a sale of the space, said Alter Group Executive Vice President Rich Gatto, according to Crain’s.
