Ogilvie Transportation Center
New York-based real estate investment trust (REIT) W.P. Carey has secured a vacant lot next to its Ogilvie Transportation Center location and is planning a massive addition to its present seven-story loft space.
Crain’s Chicago Business reports that W.P. Carey has designs for a 100,000-square-foot addition to the property on the 500 block of Randolph Street. The vacant lot sits at 150 N. Clinton St.
In addition to building on its new property, Carey’s plan also calls for updating the century-old property it has long called home. The REIT that has owned the property for the last three decades has plans for rebranding the larger, 227,500-square-foot building as 550 W. Randolph St.
In the same area, billionaire Chicago businesswoman Penny Pritzker has hung out a for-sale sign for her brick-and-timber office building at 564 W. Randolph St. The seven-story building is hitting the market nearly a decade after undergoing a major office renovation, and some estimates now have its price-tag pegged as high as $28 million.
After once being overflowed with tenants, the building is now just 70-percent leased following the recent departures of several big-name tenants, including a Starbucks regional office.
Alerts Sign-up