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Ward's HQ to Become Condos, Possibly Hotel

CHICAGO-Centrum Properties and Angelo Gordon and Co. buy the 26-story office building at 535 W. Chicago Ave. and the parking garage across the street and plan 400 condominium units, and perhaps hotel rooms.

By Mark Ruda | Updated on August 07, 2001

CHICAGO-Centrum Properties and New York-based Angelo Gordon and Co. have bought the former headquarters of bankrupt retailer Montgomery Ward & Co., reportedly for about $30 million, and plan to convert the 26-story office tower at 535 W. Chicago Ave. into condominiums. They also may add something lacking so far in the hot Kingsbury Park neighborhood – hotel rooms.

The development partners say several hospitality chains have expressed interest about operating a hotel on the first 14 floors of the building designed by Minoru Yamasaki, whose work includes The World Trade Center in New York.

The purchase not only includes the 29-year-old, 600,000-sf office building, but a parking garage on the north side of Chicago Ave. that may be converted to retail use as well as parking. The deal is part of the boom that is seeing 3,500 residential units being built in a former industrial area along the Chicago River, about a mile from the Loop, with at least 500 more on drawing boards.

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