WEST LOOP — The massive H2O Plus property likely won't become a residential development anytime soon, as H2O seeks to sublease the property for now.
H2O Plus is moving the company's headquarters from the West Loop site to San Francisco and seeks a new tenant to sublease the property, confirmed Larry Goldwasser, senior director of Industrial and Creative Office Services at Cushman & Wakefield. The two-story, 83,000-square-foot building at 845 W. Madison St. includes office space, manufacturing/processing areas and a warehouse, said Goldwasser, who is representing H2O Plus in the deal.
The office and warehouse can be leased separately, he said.
With potential plans to redevelop the property into as many as 500 residential units, developer John Buck agreed to buy the property for $20 million in 2014, according to Crain's. But H2O Plus' move to sublease the property to a new commercial tenant shows the property likely won't be developed for some time. While Goldwasser declined to confirm the length of the lease, a source familiar with the property said H2O Plus' lease expires in 2019.
H2O Plus is asking $12 per square foot per year for the warehouse, which encompasses about 63,500-square-feet of the building — a total of about $762,000 annually — and is accepting offers on the 19,700-square-foot office.
"The building would be ideal for start-ups and other unique uses," Goldwasser said.
In 2014, an H2O representative told Crain's the lease could be terminated in 2016.
H2O Plus in July announced plans to move headquarters to San Francisco and close the West Loop location.
Representatives from the John Buck Company could not immediately be reached Monday.
H2O Plus founder Cindy Melk acquired the land for the building in 1992. At one time, the water-based skin care, bath and body care company operated 78 stores, but today only its flagship North Michigan Avenue and Manhattan stores remain.
H2O Plus was sold to a Japanese cosmetics company in 2011.
H2O Plus plans to sublease its longtime headquarters at 845 W. Madison St. in the West Loop. [DNAInfo/ Stephanie Lulay]
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