Chicago landmark Carson Pirie Scott to be restored

Carson's, a division of Saks Inc., announced the sale of its department store landmark building on State Street, along with eight other adjacent buildings into which it has expanded over the years, to Joseph Freed & Associates, Wheeling, Ill. In the planned combination leaseback and redevelopment project, the flagship building's ornamental cast iron and terra cotta exterior will be restored to the original vision of architect Louis Sullivan. Carson's has occupied the quarters since around 1904 and owned it outright since the mid-1950s. The price of almost $19 million for the 1.1 million sq. ft. of space is considered to be below market rates for Chicago, however, $50 million will be required for restoration and improvements. Carson's will continue to occupy over half the complex on a 20-year lease, including the first seven floors of the 12-story building. The remaining 400,000 sq. ft. will be leased as office space, known as Sullivan Center, with a separate entrance on State Street.