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The tower becomes one of the highest-profile downtown office buildings surrendered by its owner since the start of the COVID-19 pandemic, which fueled the rise of remote work and a barrage of office space cutbacks that have driven downtown office vacancy to an all-time high. That movement has devastated office property values, leaving some buildings underwater, or worth less than the debt their owners have borrowed against them.
With $162 billion more from taxpayers, couldn’t you deliver a few bond upgrades, too
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Everybody needs a side hustle these days, and mine is Ukraine, where I am now.
Summary and audio linked here.
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Audio and summary
Reading the article, the CBOT was 82% leased. CME sold it in 2012. I actually tried to get them to embrace Co-Working back then. But, 82% leased….that’s decent for an old building. Meanwhile Governor Pritzker and Mayor Lightfoot absolutely crushed the city with Covid policy and their no policing policy making it so no one wants to go to the Loop. the failure of the building lies directly at their feet—-and it won’t be the last one to go under. We fought a transaction tax for years, but in some respects I really hope the idiots pass one. Would be… Read more »
I don’t think JB will pass a transaction tax at the state level, and even if Chicago tried and succeeded, wouldn’t a trade executed in a data center outside Chicago (like Aurora) be non-taxable to Chicago? Couldn’t an exchange register in DuPage (like NY Giants playing in Meadowlands) and keep their Chicago branding yet all trades are executed outside city borders?
I always thought there were easy ways for the exchanges to circumvent any transaction tax not levied at the national level.
A Chicago transaction tax could well precipitate a move outside Illinois. Data centers use terrific amounts of energy, and any move will take into account a number of factors that could impact the bottom line. The main issue is how committed long term the human capital is to Chicago. This is why crime must get under control – and the perception thereof. My first professional job was in this building, so the lender seizure is not a pleasant event. Great memories, including sprinting to the Chicago and Northwestern line to catch my express train to the northern suburbs. In sub… Read more »
Lori shrugged at the news!
What is going on in the Chitty of Chicago is like what the Chicago Fire did years ago.
But at least all the retired Cops will have luxury homes in Punta Gorda, Florida.
I had many great years in that building. Very sad day indeed.
Downtown is DOA at this point. This is only going to get worse at an increasing rate. The Chitty of Chicago is dying like a cancer patient. High and higher taxes are chasing people elsewhere. High and higher crime rates are driving people away. Illinois through higher taxes and laws that discourage business is driving business away.
I had a strong feeling that this would happen someday but never thought I would live to actually see it.
The giant toilet is flushing in 3…..2……1…….
Devastating. That tower is a symbol of both Chicago’s former might and the financial innovation it housed, which changed the world for the better.
Or to the communist progressive, the building, and especially the statute atop, is a symbol of capitalistic greed, responsible for the inequities and systemic racism against communities of color intentionally denied the the right to participate equally in the spoils of the commodities markets, which were built using the exploited labor of BIPOC and other marginalized communities.
Accordingly, it should be turned into free government housing.
I haven’t heard them say it openly, but I have no doubt the progressives running Chicago want nothing more than to deface LaSalle Street because of what it represents. Many of them would replace that Ceres statue at the top of the building with some Marxist if they could.
It would be Cesar Chavez with a fist in the air. BIPOC, socialist, and laborer harvesting the commodities once traded in that building.
No, it’s an apparatchik behind a desk, doing nothing waiting on their pension with a 3% COLA raise come hell or high water.
This will be the centerpiece of City Hall’s effort to set up Cabrini Green 2.0 on LaSalle Street — a new age of failure for big government
It won’t be long before the only activity you see there is people relieving themselves on the sidewalk.
Chicago – the city that hates work.