The Art Institute, which already has its administrative offices at 37 S. Wabash Ave., also will move its architecture and designed objects departments to 53,801 sf at 33 S. State St. and 36 S. Wabash Ave. Although terms were not disclosed, asking gross rates at the one-million-sf property owned by Joseph Freed & Associates start at $19 per sf, according to a local database. Office vacancy in the mixed-use buildings is nearly 20%. The 100-year-old property, designed by Chicago architect Louis Sullivan, underwent a renovation in 2002.
HSA Commercial Real Estate senior vice president Wayne Shulman handled negotiations for Joseph Freed & Associates. David Tropp and Cal Wessman with CB Richard Ellis represented Inc. the Art Institute.
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