Nearly two decades after the Big Ten became the first college sports conference to launch its own television network, helping spark massive changes that continue these days, the broadcast studio could be on the move in Chicago.
The Big Ten Network is exploring a potential move out of the sprawling office building at 600 W. Chicago Ave. along the Chicago River, where the network first went on the air in 2007.
The network broadcasts major sports such as football and basketball, as well as lesser-known events. The lead studio host is longtime broadcaster Dave Revsine, who left ESPN to join the new network from the start.
The Big Ten Network is considering keeping its television studio and offices in the 1.6 million-square-foot former Montgomery Ward warehouse, where it leases 58,000 square feet, according to people familiar with the situation. It also is evaluating approximately 60,000-square-foot spaces in the two-tower Prudential Plaza complex along Millennium Park and in the office building at 350 N. Orleans St. near the Merchandise Mart, the people say.
The real estate search offers office landlords the chance to land a nontraditional, albeit high-profile, tenant at a time of sluggish demand nationally. It also gives the network, which was created in 2006, the chance to refresh its space.
A move to Pru Plaza along Millennium Park or to 350 N. Orleans near the Merchandise Mart and the Chicago River would place the network in a high-visibility area.
Real estate transition
All three buildings being considered by the Big Ten Network are in periods of transition.
The network’s longtime home was sold for almost $89 million to Arizona-based 3Edgewood, the real estate investment firm of former Phoenix Suns basketball team owner Robert Sarver, earlier this year. That was a fraction of the $510 million it previously sold for in 2018.
3Edgewood is looking to fill large blocks of vacancy by adding amenities such as covered outdoor terraces, new bars and restaurants and a rooftop terrace.
The building at 350 N. Orleans has been in receivership since Blackstone walked away from its investment after its $310 million loan matured in 2023. Property receiver Trigild continues to seek new leases on behalf of the commercial mortgage-backed securities bondholders, with Lincoln Property Co. overseeing leasing.
The building was put on the market for sale in 2023, but no buyer emerged.
Appraised value of the River North building recently fell to $87.4 million, down from $489 million in 2018, CoStar News reported in May.
The owner of the two-tower Prudential Plaza, Wanxiang America Real Estate, took a different approach when its $385 million CMBS loan was set to mature this year. Wanxiang pledged to invest more than $50 million on property upgrades in negotiating a loan extension through 2027, with options to further extend the maturity through 2029.
While making extensive upgrades to the 11th floor roof deck and other areas, Wanxiang has landed new tenants including mental health services provider ComPsych, architecture firm HOK, infrastructure consulting firm AECOM and law firm Howard & Howard.
Wanxiang declined to comment. The Big Ten Network, Trigild and 3Edgewood did not respond to requests for comment from CoStar News.
The Big Ten Network signed a lease for its first office and studio space in 2006, saying at the time it would spend nearly $18 million to build out its 44,000-square-foot space. The network’s deal was backed by $3.2 million in state incentives, in the form of tax breaks and job training grants, Crain’s Chicago Business reported at the time.
The Big Ten Network expanded its space in 2020, a few months before the onset of COVID-19.
Since the network first went on the air, a few of the other largest college sports conferences have added networks of their own amid widespread changes to the size and geography of leagues.
The Big Ten conference has grown from 11 teams at the time the Big Ten Network first went live to 18 today. The league added Nebraska in 2011 and Maryland and Rutgers in 2014. Last year, Pacific-12 members Oregon, Washington, UCLA and USC defected for the Big Ten.
For the record
The Big Ten Network is represented by Savills broker Robert Sevim.