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 Property Tax Assessor Fritz Kaegi on Valuations – Urban Land
“A struggling downtown Chicago office market complicates assessment calculations because there aren’t many transactions to compare. Last year, fewer than five large office buildings in Chicago were sold—and at losses ranging from 50 to 90 percent, according to the Building Owners and Managers Association of Chicago. Meanwhile, vacancy in Chicago’s central Loop submarket rose to 26.59 percent in 2023, up from 24.75 percent in 2022, according to Stone Real Estate Corp.“