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IBM Plaza, a highlight of architectural boat cruises on the Chicago River, is dipping a toe into the office condo market.
It's a strategy that is starting to catch on in Chicago: selling office space rather than leasing it. Several small downtown landlords have converted their office space into condominiums, selling them to non-profit groups and professional services firms tempted by the benefits of ownership (Crain's, Nov. 1).
Yet the Mies van der Rohedesigned IBM Building at 330 N. Wabash Ave. is by far the most prominent downtown property to try out office condos, reflecting both the popularity of the concept and the considerable leasing challenges facing the 52story landmark skyscraper.
IBM Corp. is moving out of the tower in August, and...