I agree with Ann. Box it out with a column and balance the other side with another. You could even put a low bookshelf with cubbies for storage baskets or counter with cube ottomans underneath between them to partition off the space and make them look like they belong there.

I can all but guarantee there's a pole inside one of these columns (see attachment). http://www.nsvi.com/

My only concern with 2 columns is that if they r both spaced the same distance from the walls...it will be a potential obstruction to the walking path/doorway area & in that tight of an area..two may get too bulky if they r wrapped, unless it is a close wrap.

Here are a few photos. All are from Houzz. I am sorry they do not enlarge on this post.
The first photo shows a Craftsman type square pillar with short bookcases filling the gap between the wall and the pillar.
The second photo shows the opposite side, also with short bookcases, this time furnished.
The third photo is much fancier than you need, but shows a larger expanse.
Best wishes.

Good point Jayme.love the pictures eztia

Maybe you can wrap just that pillar and build a bookcase fom it to the wall on the right side of the picture and leave the other end open for walking thru.

You could always leave it and invite strippers over...(okay, not such a good joke).
Seriously, though, anilaup2 I think is on to a great idea. It would not be difficult to enclose the pole inside a pilaster (fancy word for a fake or non supportive column) and then build a bookcase from the pole to the existing wall leaving the other end open as a walking area. I kind of see a full height bookcase as opposed to an exposed column look. Cabinet grade birch plywood, painted white to match the other trim and the door, for the pilaster, and 1x 12 shelves. If done right, the shelves could be adjustable, too.

You're funny Fedor...but seriously I heard pole dancing is grat exercise Ha!Ha!

A floor to ceiling bookcase between the pole and the wall is a good idea. The bookcase could even be double sided, so it could be used for books, puzzles, and games in the children's play area, and books or other items on the opposite side.

eztia took it a bit further...I like that thought. Would you make it pass thru, or divided?

I would suggest wrapping a interior column wrap around your jack post. Then paint it the same colour as your trim. This column would wrap around a steel jackpost.

@Fedor. I was thinking of two bookcases back to back between the wall and the pole.

Great ideas above. Have also seen low cost means of wrapping the pole with a thick rope to beef up the column and make it more interesting. Go with bookcases as they make a great room divider and you can box the structural post in to tie in with them.
http://www.columnsandbalustrades.com/HTML/HDPColumns.aspx

Search for "column wraps" on google. You can buy them precut and just have to put them in place and paint them. Here's one:
http://www.architecturaldepot.com/CWKT86063.html?gclid=CILpupb7s7UCFcdxQgodpWAAwg

eztia, something like this, right?

Sorry, but none of the ideas posted really take into account the homeowners desire for a DIY kit...but one. I love the fertile imagining going on and the results would be far superior! But I notice that they have checked out...If they would give feedback on these ideas you'd have a bit more to go on!

You can purchase a mdf column wrap on line and just paint. Column wraps come precut and all you need to do is assemble.

I solved the problem in my daughters bed room by blocking it with 4 pieces of wood [paint or stain the wood] and used it as a picture showcase, we put carpet on it for awhile when she was small so she would not hit her head, it looked cute, but carpet is not in right now; i don't think anyway.

Good point ironwood builders. Glad someone gave some links they could use. You can use low unfinished wood bookes that come in many widths to fill the space between the column and wall and place trim around to make them look like built- ins if that's the route you take. Did not at close enough attention to the question, Sorry.

Wrap it with a rope. Inexpensive and gives it a nautical look.

I would wrap the column as above and add a second one against the wall ( where you have the pictures on the wall )this would not be in your walk way and will offer some feeling of separation from the play area.

You can allways wrap it with a wood veneer and stain it match the floors. I did it in my open concept living space.

this link will take you to a site that offers different covers for lally columns.
http://www.architecturaldepot.com/lally-columns.html

Here's an image where the owners simply painted the pole, maximizing space in their new basement build-out. It isn't the clearest image, but you get the idea.

Shutters would look nice in that window.

http://www.blindsdirectcanada.com/shutters-toronto/pvc-polysatin-shutters.html

DIY pole wrap: http://www.polewrap.com/Products.html

Lowes has it too: http://www.lowes.com/pd_59893-15748-85128_0__?productId=1190113&Ntt=pole-wrap

@fedor. Yes, your drawing is very close to what I was trying to describe about back-to-back bookcases.

Ims2012. Hello? What are your thoughts?

Holy input everyone!!!! Will talk to the hubby on his thoughts on all of the above. I think whatever is simplest at this point is probably where we are leaning - we are done with this basement consuming our life:-). Will send an update once we decide! Thanks again everyone, and happy valentine's day!

Some of those wraps looked simple and economical....and looked good!! Good luck!

There is a product called Pole-Wrap that is easy to install and very attractive for basement poles or lally columns as some call them. The product is stocked at The Home Depot in their Millwork department. Company website is www.polewrap.com.

We made ours into a table!