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Chicago & Midwest  + Downtown  + Office  | 

Pearl Properties Seeks to Divest Stake in Wacker Drive Offices

A venture of Philadelphia-based Pearl Properties is seeking nearly $21.5 million for its stake in 55 W. Wacker Dr., the former Blue Cross Blue Shield of Illinois headquarters which was divided into office condominiums more than a decade ago.

Crain’s Chicago Business reported that Pearl’s share of the 224,000-square-foot building includes 14 office suites, the building’s ground-floor retail space and a mix of parking spaces, storage spaces and two building antenna leases.

Despite lingering questions about future demand for downtown office space, Pearl hopes investors will want its sizable slice of a highly visible property as companies start calling employees back to offices and evaluate their post-COVID workspace needs, Crain’s reported. 

It’s also playing up the offering as an opportunity to add value by building a new bar or restaurant on the roof, which the current zoning allows, according to marketing materials from Greenstone Partners.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types as well as delving into broader subject matter. He produces 15-20 daily news stories per day and also works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.

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