Amid severe financial pressures, Chicago Public Schools (CPS) say the district may sell its 20-story headquarters located at 125 South Clark Street in downtown Chicago.

Administrators say such a move could cut costs, saving somewhere between $2 million to $3 million each year. CPS is looking at a $1 billion budget deficit for the upcoming school year.

With close to 1,100 employees, CPS says it needs about 200,000 square feet to operate. The current office space is 450,000 square foot.

The announcement comes as CPS uses building utilization as criteria for the next wave of school closures, eliminating roughly 100,000 empty seats. According to the district, nearly 140 schools are more than half empty. The school system has classroom space for more than 500,000 students, but just over 400,000 students are enrolled. A list of 129 possible school closures was released last month.

The district said it is considering leasing out part of the building's office space if a new space to relocate cannot be found.