(CoStar Group photo)
The longtime headquarters of Amalgamated Bank of Chicago on State Street has been sold for $35 million. The new owners are a joint venture between Tishman Realty Corporation and AXA Real Estate. Those firms plan to transform the buildings into 73,700 square-feet of retail and office space.
Despite the sale, Amalgamated Bank won’t be heading anywhere just yet. It is going to lease back the building until September, when it will then move into its newly-built headquarters at 30 N. LaSalle St.
The buildings, at 100 S. State St. and 112 S. State St., were built in the early 1900’s and are located in the Chicago Loop in one of its prime shopping districts. According to the new owners, the buildings will be turned into premium retail space with premium retail tenants. Among the options being discussed is for there to be one flagship anchor tenant that will have 50,000 square-feet of space “built-to-suit.”; or a multi-tenant plan with two ground floor tenants and a third tenant on the second and third floors.
Amalgamated Bank Chairman Robert M. Wrobel said the financial institution was happy with the sale and that it was time to move on. Amalgamated Bank had been headquartered at the site for 44 years. It was put on the market in October 2014.
“State Street has served us very well for many years, but it was time to find a new home in the heart of the financial district,” Wrobel said. “The move will provide us with more of a contemporary and efficient use of space that will allow us to even better serve our customers.”
Officials for Amalgamated Bank said the purchase was part of its value-added investment strategy. They added the site’s location in one of Chicago leading shopping destinations made it worth pursuing.
“We are excited to take control of this truly special property as part of Tishman’s enhanced presence in Chicago,” said David Rothenberg, preisdent of Tishman Realty Corp. “There is no other spot along this iconic shopping corridor that offers this kind of retail and branding opportunity for tenants.”