Edwards Realty Co. Acquires Chicago’s Block 37 Shopping Mall
Purchase Details:
- Buyer: Edwards Realty Co.
- Purchase Price: $30 million
- Previous Owner: CIM Group, which bought Block 37 for $84 million in 2012.
Location:
- Address: 108 N. State St., Chicago.
- Bounded by North State, West Washington, North Dearborn, and West Randolph streets.
Renovation Plans:
- Edwards Realty aims to transform Block 37 into an experiential retail center focusing on events, entertainment options, and dining.
- A new name for the property will be announced.
Current Situation:
- Block 37 has had a troubled history, previously underperforming as a retail space.
- Approximately two-thirds of the mall is currently occupied, with tenants like Banana Republic Factory Store, AMC Theatres, and Sephora.
Market Context:
- The retail vacancy rate in downtown Chicago has improved from 29.76% two years ago to 28.53% in 2025.
- Other nearby malls, such as The Shops at North Bridge and Water Tower Place, are undergoing renovations.
Outlook:
- Analysts, like John Vance of Stone Real Estate, are optimistic about the new ownership and the ongoing revitalization of the Loop area, which could enhance Block 37’s appeal.
Conclusion:
Edwards Realty’s acquisition of Block 37 signals a potential revival for the troubled mall, with hopes of transforming it into a vibrant retail destination in downtown Chicago.
