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030719-blm-loc-1statefarmsale

Traffic and pedestrians pass by the historic State Farm downtown Bloomington office building on March 6, 2019. Broker Jill Guth of Guth & Associates, Champaign, said on March 4, 2019, there are "multiple parties" interested in leasing space in the historic building.

BLOOMINGTON — A Champaign-based broker says she has identified "multiple interested parties" considering leasing space in State Farm's vacant  downtown Bloomington building.

“Multiple tours have been conducted within the building with interested parties, and more tours are planned over the next few weeks,” Jill Guth of Guth & Associates of Champaign, said in a statement released Monday morning.

Earlier this month, the company confirmed it has an agreement with “an interested buyer” that has not yet been publicly identified. The buyer’s closing on the property is anticipated this summer, said Guth.

"The buyer is offering extremely competitive lease rates," Guth said. "Tenants have a unique opportunity to lease office, restaurant and retail space in a one-of-a-kind building."  

Guth told The Pantagraph about "five or six groups" have toured the building and more tours are scheduled. "We do have some legitimate interest and we have heard people who say they don't need 14,000 square feet, but would love to be in the building. We are pleased with the response so far."

“The buyer envisions multiple retail tenants occupying the first floor, including a restaurant that could utilize the existing kitchen and dining room area. The retail and restaurant space is being marketed at the lease rate of $14 per square foot,” she said Monday.

Floors two through seven are nearly identical with around 14,000 square feet available. Those floors are being sold at $8 per square foot in “as-is” condition, Guth said. “The buyer also envisions one or two floors being altered to allow for multiple tenants per floor, either as dedicated space, or within a co-working environment that includes different sized office suites and common area amenities like conference rooms, employee break rooms, etc.”

Floors eight through 10 feature private offices with additional open floor space, said Guth. Those floors are being marketed at $10 per square foot in “as-is condition due to the private offices, incredible city skyline views and the outstanding condition of the space."

Lease rate discounts are being provided for multiple floors leased to the same tenant. Lease rates have not been determined for floors 11, 12 and 13. However, floor 13 features a large auditorium space that could be used for events, conferences and large meetings, Guth said.

"We are very excited to move forward and see what happens," she said.


Photos: State Farm to sell former downtown headquarters

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Contact Kevin Barlow at (309) 820-3238. Follow him on Twitter: @pg_barlow

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Agriculture Reporter

Agriculture reporter for Lee Enterprises Central Illinois.

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