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City Colleges of Chicago to Sell Downtown Headquarters

6/28/2017 12:00 AM

City Colleges of Chicago (CCC) Chancellor Juan Salgado will announce today that the community college system will sell its 14-story downtown headquarters building at 226 W. Jackson in the coming fiscal year. To right size operations and shift more resources to its colleges in Chicago neighborhoods, CCC will move central office jobs to its colleges, including those in the Englewood and Bronzeville neighborhoods. 
 
“This sale is a no-brainer from a financial and strategic standpoint. By co-locating central staff at our colleges, they will have greater exposure to our students and will be able to serve them better,” said Chancellor Salgado.
 
The City Colleges’ headquarters is currently 33% occupied.  Moving administrative staff to CCC campuses around the city aligns with the Chancellor’s strategy to shift greater focus to the system’s seven colleges and five satellite sites. 
 
“Our headquarters is a prime Loop property, just across from Willis Tower and the financial district, and we expect it to be highly attractive to buyers,” continued Salgado. “Selling this underutilized asset allows us to invest more in our colleges, in our communities, and bring our staff closer to students.”
 
In addition to moving staff to both Kennedy-King College in Englewood and Dawson Technical Institute in Bronzeville, City Colleges will seek additional office space for staff to remain in the central business district. 
 
This relocation come on the heels of ongoing development in the Bronzeville neighborhood, including the recently announced Williams Park fieldhouse and upgrades to the Chicago Bee library branch. Other recent investments in the area include the new Mariano’s grocery store, the 35th Street pedestrian bridge, the Parade of Homes residential housing initiative and the Ellis Park Arts and Recreation center.
 
City Colleges is confident that the building will earn a sales price consistent with the robust downtown real estate market. It is planning to hire a broker next month to begin the appraisal and marketing process.

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