Allstate venture bought in January 2022 for $29.7 million, according to Cook County property records. People familiar with the offering said they expect bids to come in at just more than $10 million. Allstate has not occupied the Wacker Drive property, which is leased today to a mix of small tenants that collectively occupy about 57% of the building, according to a marketing flyer. It’s unclear
Chicago downtown commercial property fallout not as bad as people think, Assessor Kaegi says – Crain’s*
When it comes to the fallout that the struggling downtown office and retail market may unleash on other taxpayers, “generally the perception is that the impact will be greater than what we think it actually will be,” Kaegi said in an interview with Crain’s during an event his office held to discuss assessments with local real estate stakeholders.