Edwards Realty Co. Purchased Block 37 Mall

The firm acquired the Chicago shopping center for $30 million following a significant decline in property value.

Updated on Oct. 7, 2026 in Commercial

Bold vector editorial illustration of a modern urban retail building facade, representing city real estate development. — Edwards Realty Co. has purchased Chicago's Block 37 shopping mall for $30 million, aiming to revitalize the underperforming downtown property. AI Illustration. Upload story photo >

Live Poll

Do you believe retail areas in your city are finally starting to recover and improve?

Edwards Realty Co. has purchased the 278,000-square-foot Block 37 shopping mall located at 108 N. State St. in Chicago for $30 million. The deal marks a major financial loss for the seller, CIM Group, which had acquired the property for nearly $84 million in 2012.

Why it matters

The new ownership intends to transform the underperforming mall into a modern, experiential destination to combat retail vacancies. By offering more competitive lease terms and a broader tenant mix, the owners hope to revitalize the downtown asset.

The 278,000-square-foot mall is currently 65% occupied. State Street storefronts reported a 35% vacancy rate in 2024, which improved to 28.8% in 2025.

The players

Edwards Realty Co.

This real estate investment and management firm focuses on acquiring and repositioning urban commercial properties.

CIM Group

This community-focused real estate and infrastructure owner, operator, and developer previously held the Block 37 property.

Morguard

This real estate investment company manages a diversified portfolio of residential and commercial assets across North America.

The details

Edwards Realty Co. finalized the transaction in partnership with Republic Bank, LFI Energy, and The Rose Family Office. The firm plans to reposition the site to address current vacancy challenges in the local Loop district.

2012: CIM Group acquired the property out of foreclosure.
2019: Morguard acquired a 51% stake in the property for more than $135 million.
2024: State Street retail vacancy rate reached 35%.
2025: State Street retail vacancy rate dropped to 28.8%.
October 6, 2026: Edwards Realty Co. acquired Block 37.

Culture Shift

The property transition aligns with broader efforts to reverse the decline in downtown commercial occupancy following the 2024 peak in retail vacancies. This move positions the site to capitalize on recent stabilization trends in the local State Street retail corridor.

Chicago residents and visitors may see significant changes to the shopping experience at Block 37 as the new owners unveil a fresh identity and tenant mix. These upgrades could potentially increase foot traffic and improve the variety of retail options in the downtown Loop area.

The takeaway

The drastic drop from a 2019 valuation exceeding $135 million to a $30 million sale underscores the volatility of large-scale urban retail assets. Investors should monitor how experiential rebranding strategies influence the long-term recovery of downtown storefront occupancy.