Value of Chicago’s tallest skyscraper, Willis Tower, falls well below Blackstone’s loan balance – CoStar

The value of Chicago’s tallest skyscraper has plunged in a recent appraisal that says the 110-story former Sears Tower is now worth far less than the $1.3 billion-plus that Blackstone still owes on it. Willis Tower’s appraised value has fallen to $1.03 billion, according to a report Thursday by Morningstar Credit. That is sharply down from the pre-COVID appraised value of $1.78 billion in 2018, when the tower at 233 S. Wacker Drive was refinanced with new commercial mortgage-backed securities debt.
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Hello, Indiana!
1 year ago

Newsflash- Properties in CHI are worth no where near what they are asking for them and have lost value since Lightfoot breezed into office.

Leaving Soon, just not soon enough
1 year ago

A sign of what is going on to Downtown Chicago. Things more than likely will get worse, much worse. Residential properties will have to make up for all the tax losses and new spending increases. Looks like a tough decade ahead for the taxpayer. Many large (and small) businesses are finding a new home in other more business friendly states. When the leases are up there will be many more vacancies in the downtown area.

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