Management Group To Pay City Colleges Over $34M For West Loop Headquarters
An Indianapolis-based management group will pay the City Colleges of Chicago more than $34 million for its West Loop headquarters. The City Colleges Board of Trustees agreed Thursday to sell its 14-story building just east of the Willis Tower to Zidan Management Group, which plans to develop apartments. The group’s bid of $34.5 million beat 13 other offers. City Colleges chancellor Juan Salgado says the plan is to relocate the administrative staff to its campuses around the city. The sale is expected to be completed this spring.