North Riverside’s “skyscraper” at 7222 Cermak Road has changed hands for the first time in more than two decades.
On June 21, a company called 7222 Cermak Holdings LLC, whose manager is listed by the Illinois Secretary of State as Eugene Staples, bought the seven-story granite-clad office building for $6.75 million.
The seller was a corporation called 7222 Cermak LLC, which purchased the property back in February 1998 for $8.5 million. The building was an investment property for that firm, whose manager was Richard M. Ross Jr.
Built in 1971-72, about half of the massive building’s office space was initially occupied by Clyde Federal Savings and Loan Association, which moved its headquarters there from Cicero.
In addition to the bank’s teller windows on the ground floor, Clyde Savings boasted of an underground, four-lane drive-thru, a parking lot that could accommodate more than 350 cars and a “community room” accommodating 200 people that could be rented out for meetings.
In the late 1980s, however, Clyde Savings was on the rocks and losing millions of dollars due to risky lending practices. Federal regulators placed the savings and loan into receivership in 1990.
Mid-City National Bank of Chicago acquired both the savings and loan and the property in 1991. Mid-City sold the building to 7222 Cermak LLC in 1998 and lasted as a business for three more years until it was acquired by MB Financial.
Fifth-Third Bank later acquired MB Financial and in 2019 closed its North Riverside branch at 7222 Cermak Road, leaving the building without a banking tenant for the first time since it was constructed for that very purpose.
Today, the building houses a number of professional and other office uses. Rush Medical has offices in the building for both the Rush Oak Park Physicians Group and Rush University Children’s Hospital.
Solutions for Care, an agency serving senior citizens, also has its offices there, as does the Social Security Administration, attorneys and other medical providers.
However, as is the case elsewhere, there is plenty of vacant office space inside the building, according to a listing maintained on the real estate website Loopnet. Some 29,000 square feet of retail and office space, out of a total of 97,500, is vacant.
Anthony Gamez, vice president leasing/sales of Oak Park-based David A. King and Associates, represented the seller in the property transaction. He has also been retained by the new owner as the building’s leasing agent.