The vintage 20 story Loop office tower that Chicago Public Schools (CPS) has long called its home base will be sold to a developer for $28 million. The Chicago Board of Education approved the deal last week, and now the City Council has to sign off on the sale. CPS will stay close by, but will relocate its headquarters to 42 W. Madison Street. According to the CPS, the deal will allow the school system to save more than $60 million over the next 15 years. Crain's has reported that developer Blue Star Properties wants to transform the building into creative office space, and will likely invest another $30+ million renovating and upgrading the old building. Work could begin on the building as early as January. That's one more historic downtown building to add to the growing list of structures getting new life.
·CPS Reaches Agreement to Sell District Headquarters for $28 Million [CPS]
·$28 million sale of CPS headquarters approved [Crain's]