"We looked at it as a great opportunity to retain a landmark building," says director of program management Jeff Berta. The three-story, 32,000-sf Beaux Arts building, vacant for about 30 years, will be converted into ground-floor retail and office space. Now headquartered nearby at 656 W. Randolph St., Structured Development will take the top floor, Berta says, while a letter of intent has been signed with a second-floor office tenant.

The building, once part of the Chicago & North Western Railway terminal, is likely to be designated a Chicago landmark. The commission on Chicago landmarks endorsed the designation Thursday, which also will help Structured Development land a class L property tax break. In addition, the company, formed in 2001 by principals J. Michael Drew and Daniel Lukas, are applying for historic tax credits, according to the department of planning and development.

The building, acquired by Structured Development in 2003 after previous developers' plans fizzled, also has been nominated for the National Register of Historic Places. "We thank the other and the landmarks' staff for ensuring this building will be with us for a long time," says Preservation Chicago president Jonathan Fine.