Block 37 has been purchased for $30 million by Edwards Realty Co., which plans to modernize the Loop mall, introduce an incubator space for local businesses, and change its name.
For more than a decade, Block 37 has served as a center of gravity in the Loop, carrying a history as checkered as its storefronts are varied. Now, that storied five-story, 275,000-square-foot complex is changing hands, marking a pivotal moment for the downtown shopping destination.
Orland Park-based Edwards Realty Co. announced Wednesday the acquisition of the property for $30 million. The deal. which closed Tuesday. involves a partnership with Chicago-based Republic Bank. financial partner LFI Energy. and The Rose Family Office. The seller, Los Angeles-based CIM Group, acquired the building at 108 N. State St. in 2012 from Bank of America after the property’s original developer. Joseph Freed and Associates. defaulted on an estimated $206 million debt. At the time of that 2011 foreclosure, the mall sat at just 30% occupancy.
Ramzi Hassan. president of the family-owned Edwards Realty. views the acquisition as a turn-around opportunity for a site that has long struggled to find its footing. “Besides the incredible location, the history of Block 37 is pretty checkered,” Hassan said. “That fits what we do… because we are distressed asset investors that are primarily invested in retail.”.
Currently. the mall is about 65% leased. with tenants including AMC Theatres. Zara. Sephora. Akira. Gayle’s Best Ever Grilled Cheese. and Five Iron Golf. Hassan intends to push that number higher by moving away from a traditional reliance on big-name national brands. Instead. the firm plans to prioritize a mix of retail. entertainment. and restaurants. utilizing an “incubator” space to bring local entrepreneurs into the storefronts. Beyond the leases, shoppers can expect brand activations, live performances, and new programming in common areas.
The aesthetic shift will be immediate and visible. While Hassan noted the building itself is in excellent condition. the company plans a full modernization effort. including a new color palette. updated signage. and a name change. Shoppers may see the results of this rebranding as early as Jan. 1, 2027, with the full effort expected to conclude within six months.
The move marks Edwards Realty’s first foray into downtown Chicago. though the firm has a established history of revitalizing suburban shopping centers. In 2019. the company and Core Acquisitions purchased the 200. 000-square-foot Burr Ridge Village Center when it was 60% leased; following renovations. occupancy climbed above 95%. The firm also holds Orland Park Crossing, The Boulevard in St. Louis, and various strip malls in the Chicago suburbs.
Despite the broader struggles of the retail sector following the COVID-19 pandemic, Hassan remains optimistic about the downtown market. He points to recent leasing upticks along Michigan Avenue as a signal that State Street is on a similar trajectory. While August data from Colliers placed Chicago’s retail vacancy rate at 7.7%—a slight increase from 7.4% at the end of 2025—the firm expects that number to trend downward by the close of 2026.
“It’s as simple as leaving it better than we got it,” Hassan said. “This is a very important acquisition for our company, and all our attention is on it.”
Block 37 Edwards Realty Co Chicago real estate Ramzi Hassan Loop retail commercial property