City Colleges wants to sell downtown headquarters

on Jun29

28 June 2017 | 2:35 pm

City Colleges wants to move employees out of its Loop headquarters and unload the 14-story building, hoping for windfall sales price in what it calls a “robust” downtown market.

“This sale is a no-brainer from a financial and strategic standpoint,” Chancellor Juan Salgado said in a news release. “By co-locating central staff at our colleges, they will have greater exposure to our students and will be able to serve them better.”

Though Salgado said the administration will move staff into other space downtown, the intent is to shift more central-office jobs out to the individual college campuses, such as Kennedy-King College in Englewood and Dawson Technical Institute in Bronzeville. In all, City Colleges has seven colleges and five satellites.

The headquarters building, at 226 W. Jackson Blvd. across from the Willis Tower, is about one-third occupied.

“Our headquarters is a prime Loop property, just across from Willis Tower and the financial district, and we expect it to be highly attractive to buyers,” Salgado is quoted as saying in the statement. “Selling this underutilized asset allows us to invest more in our colleges, in our communities, and bring our staff closer to students.”

City Colleges plans to hire a broker next month to handle the appraisal and marketing of the property.

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