Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
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.
- ◦Sale/Acquisition
