Chicago Public Schools hopes to be able to divert millions of dollars to classrooms after moving its headquarters to smaller offices in the loop next year.
The Chicago Sun-Times reported late Tuesday that CPS officials have made plans to relocate their current offices at 125 S. Clark St. to the first three floors of the Sears' store at 1. N. Dearborn.
The 19-story building CPS now owns and occupies will go on the market in the coming weeks. [CPS COO Tom] Tyrrell declined to say what it might be worth. When CPS bought the building in 1998 from ComEd, it paid $8.3 million, a CPS spokesman said.
CPS plans to be in the new space by November.
Renting the new spot will cost $34.6 million over that period of time, but CPS declined to specify its rent. Staying in the current building would cost $94.9 million over 15 years, he said. Those costs include building operations and maintenance.
Tyrell told the Sun-Times the move would mean about $60 million invested back into classrooms over 15 years.
The action comes just months after officials in the nation's third-largest school district shuttered dozens of schools in what they said was a cost-cutting move due to under-utilization.
Read the full report at SunTimes.com.