March 11, 2014

University to sell Harper Court

The University has put Harper Court on the market, seeking a permanent owner for the property, only months after purchasing it in November.

Announced Friday, the decision to sell the property had already been made at the time of purchase. The University bought the property temporarily in order to facilitate the process of finding a permanent owner. Prior to that, the building was owned by its developer, Vermilion Development.

“This project is the result of many years of planning and input from members of the community about the kinds of retail they wanted to see in the neighborhood, and we are looking for a new owner that will be committed to Harper Court for the long-term,” Associate Vice President for Commercial Real Estate Operations James Hennessy said in a press release.

According to the press release, 93.6 percent of the office and retail space has already been leased to tenants. A portion of the office space is occupied by University employees, including staff from the Office of Civic Engagement, Alumni Relations & Development, and IT Services.

The University has overseen the entire process of choosing a developer for the building and identifying organizations and businesses to fill the office and retail space, in partnership with the city of Chicago. The University will keep leasing the office and retail space upon securing a permanent owner.

The 12-story building officially opened on November 3, just a few weeks before the University purchased the site.