Distressed office building near Willis Tower goes up for auction – Crain’s*

A few weeks after one distressed office building near Willis Tower was sold at a severe discount, another one is heading to the auction block and is likely to trade for a fraction of its pre-pandemic value. Bidding will begin on Feb. 20 to buy the vintage 10-story office building at 216 W. Jackson Blvd. One stark example of the lost value just one block from 216 W. Jackson came late last month, when a local investor paid just $4 million for the leasehold interest in a 20-story building at 300 W. Adams St. — 89% less than it was worth just more than a decade ago.
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Old Joe
2 years ago

Hmm, is this issue related to Fani Willis and her quest to get booty?

Ataraxis
2 years ago

216 W. Jackson is a tough sell. Not historically significant, in a corner of the Loop that has lost its vibrancy because of the exit of trading firms, and its location is really dark and gloomy on Jackson next to the elevated train. I have no idea what could be done to save it.

Da Judge
2 years ago
Reply to  Ataraxis

Walking distance to Giordano stuffed pie, Lukes Ibeef and a Jimmy Johns.

I bid $100!!

Ataraxis
2 years ago
Reply to  Da Judge

Hah! I worked in that area for decades, so know those spots well. The remodeled buildings over there like 175 W. Jackson, the old Insurance Exchange, can’t draw tenants, so I don’t know who would move into the Luke’s building.

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