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Gems World Academy seeking $150M for Chicago campus

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Gems World Academy seeking $150M for Chicago campus

Dubai, United Arab Emirates-based private school Gems World Academy is looking to sell its campus in Chicago's East Loop area for $150 million in a sale-leaseback transaction, The Real Deal reported July 9, citing Real Estate Alert, which first reported the news.

The school is offering its building at 350 E. South Water St. and an under-construction building at 355 E. Wacker Drive, totaling 234,000 square feet. Gems plans to sign a 15-year triple-net lease with 2% annual rent increases for the entire campus. Sale proceeds are earmarked for finishing the Wacker Drive property.