For all of us who spent our lives working in downtown Chicago, this is so sad.
135 S. LaSalle. Appraised at $34Million.
If you, ahem, told people in 2020, 2021, heck 2022 and forward that downtown office bldgs would sell for $34M, they’d have said (and did say) you were crazy.
135 South LaSalle St. Chicago, Illinois
Reported a new appraised value of just $34.0M, a 90% drop from its $330.0M valuation when the loan was originated in 2015. The building is nearly empty and cash flow has been negative for years.
CMBS ($100.0M | 47.5% of CGCMT 2015-GC31)
-Morningstar
#CommercialRealEstate