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International Tower Taken Off Market

CHICAGO-A weak O'Hare submarket, where direct vacancies have risen to 18.1%, forces GVA Worldwide and South Charles Capital Corp. to take the 302,088-sf class A building off the market. It was for sale at $48 million.

By Mark Ruda | Updated on November 12, 2001

CHICAGO-International Tower, offered for sale this summer at $48 million, is off the market. President Rand Diamond of GVA Worldwide, which owns the 11-story class A office tower at 8550 W. Bryn Mawr Ave. in partnership with South Charles Capital Corp., blames deteriorating market conditions.

Class A vacancies in the O’Hare submarket rose in the third quarter to 18.1% of direct space, according to U.S. Equities Realty research, but would be 29.1% if available sublease were included.

“We’ve taken it off the market because of market conditions,” Diamond tells GlobeSt.com.

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