Edwards Realty Company has purchased Block 37, a prominent downtown Chicago retail property, in a $30 million transaction completed at a discounted price. The acquisition gives the Chicago-based firm control of a 278,000-square-foot vertical shopping mall located at 108 N. State St., covering the full city block framed by State, Washington, Dearborn and Randolph streets. The buyer intends to reposition the asset and introduce a new name and identity for the property as part of a broader refresh.
Block 37 is currently about 65% occupied, leaving a meaningful amount of space available for new tenancy and merchandising strategies. Edwards Realty is already in active discussions with retailers, restaurant operators and experience-oriented concepts to bring additional uses to the building. The firm aims to transform the asset from a pass-through environment into a destination that encourages visitors to spend more time on site and return frequently.
As a vertical shopping mall, Block 37 has long occupied one of the most visible locations in Chicago’s central business district, yet the property has historically struggled to match its high-profile address with corresponding customer engagement. Edwards Realty’s plan centers on repositioning the mall as a modern experiential hub, with an emphasis on concepts that can drive repeat traffic and differentiate the project within the downtown retail landscape. The discounted acquisition basis could provide additional flexibility for leasing and programming decisions.
Company president Ramzi Hassan noted that Block 37 occupies what he considers one of the strongest corners in downtown Chicago, but that it has not fully capitalized on that positioning in prior iterations. He described the existing condition as a place that people largely move through rather than a destination in its own right. Under Edwards Realty’s new ownership, the strategic objective is to reset that perception and establish the project as a location where visitors intentionally choose to gather, dine, shop and engage with experience-based offerings.
With the acquisition now complete, Edwards Realty is moving ahead with its renaming and repositioning strategy while it advances tenant discussions across retail, food and experiential categories. The combination of discounted pricing, a sizable existing footprint and a high-profile downtown site positions Block 37 for a new leasing and merchandising approach under the firm’s direction. Specific timing and details for the rebranding and tenant roster have not been disclosed.
