Chicago Public Schools confirmed it’s in talks with an interested buyer for its headquarters at 125 S. Clark St.
District spokesman Joel Hood said CPS is discussing a potential sale with Marc Realty Residential, but said the proceedings are in their early stages.
CPS began soliciting bids in January for the 19-story building. Hood would not comment on the price. When CPS bought the building in 1998 from ComEd, it paid $8.3 million, according to the district.
CPS’ central office staffers are moving from the Clark Street building to the first three floors of 1 N. Dearborn, which formerly housed Sears’ Loop store. Officials have said that the number of staffers has decreased in recent years, requiring less space. They project the move should save some $60 million over 15 years in costs, like energy and upkeep. That savings allows for an added $5 million to purchase and assemble office furniture for the new space, as well as $400,000 in moving costs.
Marc Realty Residential could not be reached for comment. The firm did not return a phone message for comment.
Crain’s Chicago Business reports that Marc Realty Residential, a collaboration between Marc Realty and Chicago Apartment Finders plan to convert the building into apartments.