A stretch of the booming West Loop at West Randolph Street is in for some big changes.
W.P. Carey is doubling down on its office development while Pritzker Realty Group is looking to cash out.
New York-based W.P. wants to build a 100,000-square-foot addition to its existing 127,500-square-foot loft office property at 150 N. Clinton St., according to Crain’s.
The real estate investment trust has owned the century-old building on the corner of Randolph Street since 1990. W.P. will rename the new property 550 W. Randolph St., according to the report. Data analytics firm IRI, which has been sole tenant for the entire 30 years, will move out when its lease expires at year end. W.P. is expected to complete the project by the end of 2021.
Next door, Pritzker Realty is looking to sell its 90,000-square-foot office building at 564 W. Randolph St. Pritzker and developer Sterling Bay paid $4.7 million for the building in 2011 from W.P., and later invested millions to complete extensive renovations and improvements. Pritzker Realty now fully owns the property, which Crain’s reported could fetch nearly $30 million.
Cushman & Wakefield is marketing 564 W. Randolph St. for Pritzker and CBRE is advising W.P. Carey on the new project.
Both efforts to invest in and cash out of the area reflect the neighborhood’s popularity. At nearby 906 West Randolph Street, Related Midwest and Tucker Development want to build a 300-unit, 43-story apartment tower. The Planning Commission approved that project in December. [Crain’s] — Jacqueline Flynn