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Developer Planning State Street High-Rise?

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Last month, New York-based developer Georgetown Company paid $23 million for the Old Navy building at State and Washington in the Loop. It's "the most ever paid on a per-square-foot basis for State Street retail space," according to Crain's, and considering the price, it seems likely that the company will want to build a high-rise there when Old Navy's lease expires in six years. That should give them plenty of time to figure out what to do with the site. Georgetown is no stranger to high-profile architecture; as the Crain's story notes, the company recently developed Frank Gehry's IAC headquarters building in NYC. [Crain's]