Actors' Equity Association has purchased its own building in Chicago, which will house the headquarters of Equity's Central Region, an office that covers all Chicago theaters as well as such active theater cities as Minneapolis and Milwaukee. The building is located at 557 W. Randolph Street, just west of the core of the theater district.
Steven DiPaola, the union's assistant executive director for finance and administration, stated that Equity is considering moving some of the union's national back-office functions from New York to Chicago. "We're going to have an expanded audition center and member's center," said DiPaola. "And we hope to bring in some arts-related tenants into the building." That list is likely to include Equity's credit union, as well as some external cultural organizations.
"This move shows our confidence in Chicago and its theater community," DiPaola added.
Built in 1855, the property was one of the very few buildings in the area to survive the infamous 1871 Chicago fire. Purchase price for the acquisition was $2 million.The complex is a four-story building with approximately 21,000 square feet. Beginning in 2010, Equity will occupy two floors, and will be able to lease the unused space.
According to a statement from the union's agent in the transaction, Mark Stables, a senior vice-president at Grubb and Ellis Company, Equity was able to save "nearly a third of the asking price" by paying in cash in these tough times. Equity will be moving from less than 10,000 square feet of rented space at 125 S. Clark St.
Equity currently has about 1,500 members residing in the Chicago area.
