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Historic Loop Office Tower and Grubhub HQ Up For Sale
Burnham Center, the iconic 22-story vintage Loop office tower and last building designed by famed Chicago architect and urban planner Daniel Burnham, is on the market.
The nearly 585,000-square-foot building is currently 65% occupied, and a venture led by Chicago-based Golub & Co. has hired Cushman & Wakefield to sell the building at 111 W. Washington Street. The venture bought the property for $80.3 million in 2019, just prior to the pandemic.
GrubHub is Burnham Center’s largest tenant, occupying 164,100 square feet, or about 28% of the building’s space. The food delivery service company recently announced it would lay off 400 workers and reduce its workforce by 15%.
The sale comes as Chicago’s downtown faces record high vacancy rate. However, Burnham Center’s close proximity to the Thompson Center, the soon-to-be home of Google, could help bolster the property’s value as the Loop and Chicago Business District look for an upswing in occupancy.
