Office Market Woes Lead to Fire Sale in Chicago Loop
Allwork
AUGUST 30, 2024
Allstate sold a 10-story office building located in Chicago’s Loop at millions of dollars below what they had originally purchased the property for, in a loss reflecting the prevailing difficulties in the commercial office market. CoStar reports that the sale at 29 N. Wacker Drive was for just over $11 million, a sizeable loss compared to the $29.7 million the insurance company purchased it for in 2022.
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