Edwards Realty Company has acquired Block 37 in a $30 million deal, buying the property at a discount.

The firm will rename the property and plans to reposition it as a modern experiential destination. Block 37 is a 278,000-square-foot vertical shopping mall at 108 N. State St. that occupies the full city block bounded by State, Washington, Dearborn and Randolph streets.

Edwards Realty Co., which is based in Chicago, is already in discussions with retailers, restaurants and experience-based operators about filling space. Block 37 is currently about 65% occupied.

“Block 37 sits on one of the best corners in downtown Chicago — and it’s never acted like it,” Edwards Realty Co. President Ramzi Hassan said in a statement. “It’s always been a place people cut through. We’re creating a place they come back to.”

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