Although Centrum officials did not disclose the sale price or buyer, Cook County property records show that an entity of Deutsche Asset & Wealth Management paid $94.75 million.

Powers says Centrum had originally considered selling the entire property, but noticed that some of the institutional investors poking around had a conservative approach, and “did not have an appetite for the office portion.” But Centrum likes the challenge and the opportunity to help accelerate change in the neighborhood.

“When we first bought it, the office property had this mid-80's vibe,” he adds, including drop ceilings, “and you would have had no idea that there were these great clear heights.” Centrum has already gutted and opened up the office spaces, which total about 140,000 square feet and feature 13' clear heights, heavy timbers, large, open floor plates and oversized windows that let natural light flood in. “Now it feels like a cool place to work and best of all, it's unique for the neighborhood.”

The company has not yet divided the spaces into suites. “We want to get a big deal done first,” Powers says. “There is not a lot of vacant space in River North, and companies will find it very hard to find 40 to 60,000 square feet on a single floor plate.” And for those who would miss the plethora of restaurants, entertainment options and fitness centers in River North, “Wicker Park now offers all of the same things,” coupled with far more competitive rental rates. “Maybe seven or eight years ago you wouldn't have wanted to locate your company here, but now it's an attractive place to work.”