820 South Michigan, Image courtesy of Google Earth
A few weeks ago, Columbia College Chicago announced that it had entrusted the sale of 820 South Michigan Avenue to Colliers International. Heading the Colliers team will be a number of senior executives within the company, including Tim Hart, senior vice president, and Tyler Hague, vice president. It sounds as though Colliers are confident of securing a buyer quickly, given the building's diverse potential as a mixed use site, and its attractive location on prime-time South Loop real estate.
YouTube marketing video for 820 South Michigan
The speed of a deal being reached with any prospective buyer is likely to rest with Columbia College, which may be backed into a corner given that it needs funds from the sale of 820 South Michigan to fund construction of its new student centre at a different site. However, the College will be reluctant to dip below market value, particularly given the building's excellent location and redevelopment potential, and the upward swing in the South Loop market over the past few years.