Amalgamated Bank of Chicago has sold its headquarters building for $35 million.
The $917 million-asset bank said in a press release Wednesday that it sold the building, located on State Street in one of Chicago's most popular shopping districts, to a joint venture between Tishman Realty and AXA Real Estate.
Amalgamated will remain in the building until September, which it will move to its new headquarters on LaSalle Street in Chicago's financial district.
"State Street has served us very well for many years, but it was time to find a new home in the heart of the financial district," Robert Wrobel, the bank's chairman and chief executive, said in the release. "The move will provide us with a more contemporary and efficient use of space that will allow us to even better serve our customers."
Amalgamated has been run from its State Street headquarters for 43 years. The bank listed the property, which has more than 80,000 square feet of space in two adjacent buildings, in October 2014 and began fielding offers a month later. The real estate joint-venture plans to convert the property into retail and office space.
The bank's new 60,000-square-foot headquarters includes a ground-floor branch and corporate offices in higher floors. The bank's 165 downtown Chicago employees will move to the new offices, while the bank's branch in the Chicago suburb of Warrenville will remain unaffected by the move.