Baum Revision has its sights set on another big redevelopment, this time at the former WMS Industries headquarters in Avondale.
The Chicago-based developer paid $25.5 million for the 240,000-square-foot campus. It plans to convert the two-building complex into a multi-tenant property, according to Crain’s.
“We really believe in the activation of the river,” said Baum’s Scott Goldman. The 11-acre property is near the 312 RiverRun bridge, which will connect to three parks in the future.
Baum is hoping that the recent pandemic is just a temporary setback in Chicago’s strong office leasing market. He told Crain’s that the firm has seen significant interest in projects on the Northwest Side.
WMS, a slot machine maker that was bought by Rival Scientific Games in 2013, vacated its campus in 2018 for an office in River North.
In September, Baum sold a $55 million stake in the Green Exchange Building, its Logan Square office redevelopment. The company’s portfolio includes multifamily construction, hotels and retail centers. [Crain’s] — James Kleimann