Harper Court for sale

Staff Writer

The University of Chicago has listed Harper Court for sale.

The 12-story, mixed-use development was listed with commercial realtor CBRE Group. It includes 224,000 square feet of space and is more than 90 percent leased to retail tenants.

As part of the sale the university will sign a 20-year master lease for the office and retail portion, and work with the leasing agents to fill vacant retail spaces.

The university purchased Harper Court from the development company, which included Vermilion Development, JFJ Development and Canyon Jonson Urban Funds, for $98 million five days after the ribbon cutting ceremony last November.

Harper Court was funded using $23.5 million in tax increment financing dollars, a public subsidy used to spur development.

The university in a statement noted that it pays property taxes and contributes to the 53rd Street TIF district and will continue to after the sale.

A price was not listed for the development.