Office towers that once sold for hundreds of millions of dollars are now changing hands at discounts of 70%, 80%, even 90% across major U.S. cities, as higher interest rates and remote work reshape demand for downtown space. Few places illustrate the shift more starkly than Chicago. There, the markdowns span every era of development according to figures first tweeted out by Nightingale Associates. A century-old office building in the city’s historic Printing House Row district, 401 S. State St., recently sold for just $4.2 million, down from $68.1 million in 2016, a 94% drop.The prominent Loop...
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