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Metropolis weighs converting NBC Tower office floors into apartments
The planned move involves converting about a dozen floors at 455 Cityfront Plaza, after the owner created vacancy on floors eight through 20 totaling over 300K SF.
Metropolis Investment Holdings, owner of Chicago’s NBC Tower at 455 Cityfront Plaza, is in early discussions to convert part of the office building into apartments, according to Crain's Chicago Business as cited by Bisnow.
The company is reportedly exploring apartments on about a dozen floors in the middle of the tower, after it recently sought to relocate smaller tenants to free up space on floors eight through 20, totaling more than 300K square feet, Crain's reported.
Bisnow also pointed to the broader trend of commercial properties being repositioned for housing, including commentary that the key test for conversions is whether they pencil out economically.
Alongside the NBC Tower update, Bisnow noted other Chicago-area real estate activity, including CRG appointing Carly Shepherd to lead sales and marketing for its student housing and multifamily portfolio, and MAG Capital Partners acquiring 1001 State St. in Chicago Heights for an undisclosed amount.