On July 6, the historic futures pits at the Chicago Board of Trade will become a thing of the past as they close down for good. Operated as a exchange floor since 1930, the space will soon be open to a completely new life as it goes on the market for new tenants. Who's it going to be? The high-ceilinged office space with a storied Art Deco design make it a hot prospect for a number of different industries. Wide-open interiors have fetched premium prices from big-name tech tenants, as the new Google space in Fulton Market has shown. Located in the heart of the Loop, the trading floor at the CBOT could be one of the most high-potential commercial acquisitions on the market.
With a going price of $30 per square foot per year, rent could top $2 million annually. New tenants will likely dramatically remake the space and restore it to its architectural youth, starting with the removal of the dominating screens that obscure the soaring windows. While the room has served its purpose well, there's a new purpose that is waiting to be rediscovered.
Who's next? Maybe someone who enjoys the thought of countless cries competing for the right price on the trading floor. Or, perhaps someone who just likes the number ten, since the space contains that many octagonal pits.
· A big, dark Chicago Room Will Get a View When it Goes on the Market [Reuters]
· Looking Back at The Chicago Mercantile Exchange Trading Pits [Curbed Chicago]
· All Chicago Board of Trade Coverage [Curbed Chicago]