Chicago-based real estate firm Zeller has hired Cushman & Wakefield to market the Old Orchard Towers office property at 5202 Old Orchard Rd. in Skokie, located down the street from Westfield Old Orchard. The 10-acre site includes a 355,195-square-foot office complex that is 65% leased to 15 tenants; however, there is no asking price listed for the asset. According to Crain’s Chicago Business, Zeller does not intend on selling it as an income producing office asset and instead seeks to empty out the property for redevelopment purposes.
A marketing flyer from Cushman & Wakefield states that up to 597 apartments could be supported by redeveloping this site into two separate apartment buildings with ownership aiming towards delivering an unencumbered asset by 2024 – investors are encouraged underwrite accordingly. This opportunity presents itself as a potential investment or development project for those interested in taking advantage of its prime location near Westfield Old Orchard and other nearby amenities such as restaurants and shopping centers
