CPS officials talking to prospective buyer for headquarters

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.