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Developer Buys Chicago Public Schools HQ for Loft Offices

The 20 story office tower at South Clark Street and Adams that Chicago Public Schools currently calls home will be purchased by Blue Star Properties, according to a report at Crain's Chicago Business. CPS has plans to move into the location once occupied by the Sears flagship store on State Street later this year. The current CPS building at 125 South Clark was first reported to be selling to Marc Realty Residential, who had plans to turn the building into apartments, but that deal apparently never closed. There's no word on how much Blue Star will pay for the tower, but they've indicated that they'll be spending at least $30 million on renovations, getting rid of the drop ceilings and adding bigger windows to create more modern, loft-style office space. Blue Star Properties, which was formed by a co-founder of prolific local developer Sterling Bay, also spoke of plans to add a bar or restaurant to the building, whose ground floor currently only houses a 7-Eleven convenience store.
·New buyer emerges for Chicago Public Schools HQ [Crain's Chicago Business]