This Jan. 11, 2018, file photo shows State Farm's 89-year-old former headquarters in downtown Bloomington.  

BLOOMINGTON — The broker working to sell State Farm's shuttered downtown building said Thursday interest remains strong and "diverse" while adding that to his knowledge the building has not been sold.

Chad Freese, a Chicago-based executive vice president at CBRE, was named in April as the local contact for interested buyers and he is continuing to market the building.

"I am not going to give you an exact number, but we've been very pleased with the amount of interest that has been expressed from various parties," said Freese.

"At this point, the folks (represent) a wide range of future uses that I think includes different variations of apartments, hotels, office and hospitality," he said, adding, "To my knowledge, the building is still for sale." 

Bob Devereux, a State Farm spokesman, also said Thursday the building has not been sold. 

Portions of the building will not be parceled off; it will be sold only as a "full building sale," said Freese, adding, "It's going to take a while (to sell it), from my perspective.

"It's a big project and we're at the early stages of a lot of folks trying to begin their underwriting of what the market can support, what kind of income they could generate from the different types of uses they would develop in the asset, and really getting their heads around what Bloomington needs right now."

The company announced April 9 it was selling the 200,000-square-foot, 13-story art deco building, the company's former headquarters, at 112 E. Washington St.

Freese sees the building as "a great catalyst for the growth of downtown and it is really up to the buying community to determine which path is the most compelling," he said.

"I think the final formula for what ends up being created is largely looking at what opportunity there is to bring a product to the market that doesn't presently exist."

State Farm has declined to disclose an asking sale price. The building, which State Farm announced in January it was closing, has a market value of just under $9 million, according to the McLean County assessor's office.

"A sale price is not being quoted," said Freese. "We've run a number of development performance models and we don't want to bias the market with a viewpoint. We're optimistic, based on our analysis, that there is a good outcome to be had."

Contact Maria Nagle at (309) 820-3244. Follow her on Twitter: @Pg_Nagle


Bloomington Reporter

Bloomington reporter for The Pantagraph.

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