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Photo credit: Google Street View
Tishman Realty Corp, in a JV with AXA Real Estate, has acquired Amalgamated Bank of Chicago's State Street HQ for $35M. The firms plan to transform the two-building, 80k SF property into over 73K SF of new retail and office space, noting that its location—in the middle of a bustling business corridor that runs through the heart of the city’s downtown—is key. Amalgamated Bank will move its Chicago HQ a few blocks away to 30 N LaSalle St this fall, Multi-Housing News reports. Cushman & Wakefield repped Amalgamated. The redevelopment initiative at 100 S State St represents a value-add investment opportunity, says AXA North American head Olivier Thoral, in an area that's already one of Chicago's leading shopping destinations. [MHN]
