They’re about to lose the building’s only tenant, but the owners of the office complex at 801 South Canal Street are trying to sell the property anyway.
A venture led by developer Paul Gearen is hoping to sell the South Loop office building for $100 million, despite Northern Trust’s plans to vacate it next year, according to Crain’s.
Gearen and his partners developed the 575,000-square-foot building for Northern Trust in 1990. The Chicago-based financial institution has been the building’s sole occupant since then, according to Crain’s.
Northern Trust, one of Chicago’s biggest office tenants, will leave 801 South Canal Street in October 2020 as part of a reshuffling of its local office footprint. On top of leaving the South Loop, the firm will also vacate 248,000 square feet at 231 South LaSalle. It will consolidate its offices in 333 South Wabash Street.
We've always wondered if this area is propped up by Northern Trust having so many employees frequent the restaurants and shops in this corridor. Does anyone have an opinion?
Our guess is that while this isn't good news, it's not devastating news for the area and it's growth. We shall see.