Old State Farm Building To House Restaurant, Retail, Offices | WGLT

Old State Farm Building To House Restaurant, Retail, Offices

Mar 25, 2019

If all goes as planned, the historic former home of State Farm in Downtown Bloomington will house offices, retail space, and at least one restaurant.

Jill Guth is a broker with Guth & Associates, representing the yet-to-be-announced buyer. She said between six and eight interested parties have already toured the building, with more tours scheduled for as early as Monday afternoon.

“It’s too premature to announce any tenancy,” Guth explained. “One, we don’t own the building yet. Two, who we’re talking with is still confidential.”

The sale is expected to be finalized early this summer. Guth said she expects tenants should be moving in 30 days after the sale closes.

The building’s first floor is planned to house one restaurant and multiple retail spaces. However, Guth said the space could potentially fit another restaurant space in addition to the existing kitchen and dining room area.

“We’ve had multiple restaurants through the building and they all actually fell in love with it, so I think we’re going to have a little bit of a competition,” Guth said.

The first floor is marketed at $14 per square foot for the 16,000-square-foot space.

Floors two through 13 are slated for office space, with floors eight and 10 at a higher price due to “private offices, incredible city skyline views and the outstanding condition of the space,” according to a press release from Guth & Associates. These spaces are going for $10 per square foot “as is.”

All other office floors are marketed “as is” at $8 per square foot of the 14,000-square-foot spaces.

Lease rates for floors 11, 12, and 13, which includes a large auditorium space, have not been determined.

Discounts are offered for tenants who lease multiple floors.

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