Major Office Building Considering Condo Option

The famous IBM building is seriously mulling over the option of converting to residential condos either in whole or partly. This situation has come about as two of its major tenants are vacating the building shortly. The office market is in a deep slump and finding new tenants for the building is going to be tough.

The conversion to condos seems a more attractive option as the Donald Trump's skyscraper is just next door. The Trump Tower will have lots of new shopping, restuarants, health club and much more.

Prime Group the owner of the IBM building will start with converting the lower vacant floors into condos with the option of converting the other floors later. Other office buildings to fall for the condo conversions are the 900 N. Michigan Ave - converted into 48 luxury condos and the 55 E. Monroe St. Both the buildings lost their biggest tenants and their best option was converting into condos which is currently the rage in Chicago.