A California real estate investor has purchased a distressed office building half a block from Willis Tower for 89% less than it traded for more than a decade ago, the latest example of the extreme losses that remote work and higher interest rates have dealt to office property values. Los Angeles-based Brog Properties this week paid $2.5 million in cash for the vintage 10-story office building at 216 W. Jackson Blvd.
The lawsuit, filed last November, argues that Evanston Mayor Dan Biss and some council members disregarded city and state laws that should have required more votes by the council to allow events, like concerts, at the future stadium.
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