Blue Star Properties and investment is reportedly about to make quite a return on The National. After acquiring the 20-story building in 2015 from Chicago Public Schools, Blue Star has lined up Commerz Real, a German real estate leasing and financing firm, to purchase the building for over $200 million.
Along with investment partner Wolcott Group, Blue Star paid $28 million for the former CPS headquarters, located at 125 S. Clark Street in Chicago’s Loop. After approximately $100 million in renovations and rebranding as The National, the 580,000-square-foot landmark is now a marquis office building. The transaction with Commerz Real was first reported in the Chicago Tribune.
Originally built in 1907 by D.H. Burnham & Company for the Commercial National Bank, the property is best known for Revival Food Hall, a 24,000-square-foot food collective on the building’s first floor, which boasts 15 fast-casual cuisines from many of Chicago’s favorite neighborhood restaurants in a grab-and-go setting. Other improvements and amenities at The National include a tenant lounge/bar, outdoor terrace, gym and conference center.
Tenants in the building, which is about 89 percent leased, include Chicago-based financial firm Rush Street Capital and coworking outfit WeWork. Earlier this year, JLL represented Iron Galaxy Studios, the largest independent video game developer in the Midwest, for their relocation into 15,291 square feet.