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Colliers takes over as broker for historic Standard Club building
The former home of the Standard Club has been on the market for more than a year
Colliers is now handling the sale of the former home of The Standard Club, taking over more than a year after the historic Central Loop Chicago building was put on the market.
The 10-story property, at 320 South Plymouth Court, spans 162,500 square feet and contains meeting rooms, hotel suites, a gym and an indoor swimming pool. In the listing for the building, Colliers said that the property is an “excellent candidate” for conversion into condominiums, senior housing or a hotel. Colliers, which described the property as a “historic adaptive reuse opportunity,” is also telling buyers there’s a possibility the building could be named a landmark, leading to federal and local tax breaks.
The property was first put on the market last March. CBRE, which was the broker at that time, valued the building at around $15 million. The land it stands on, meanwhile, was estimated to be worth more than the building, due to its prime location.
The property housed one of Chicago’s oldest private clubs before closing in May of last year. The club, which was founded in 1869 by the city’s Jewish community, faced declining membership and mounting debt and had previously said it hopes to continue in a new location.
According to a previous report from Crain’s, the building is in bad shape and the club can’t afford to pay for a renovation.
The Standard Club declined to provide any information on the listing. Colliers’ Tyler Hague, one of the brokers handling the sale of the building, also declined to comment, only saying that they received the assignment sometime during the past month. CBRE did not respond to a request for comment.