Sources familiar with the property estimated bids for the building today would come in between $80 million and $90 million, roughly 75% below its 2018 sale price.
The sale is a rare nine-figure trade for an office property in the suburbs, where high vacancy and weakened demand have made large corporate campuses hard to sell.
The Chicago Federation of Labor today threw its weight behind the $900 million facility proposed on an existing rail yard between 33rd and 35th streets.
The 431,792-square-foot property will provide a rare data point on whether buyers will still pay up for well-located, high-quality suburban office buildings.
The offering will reveal investors’ appetite for the kind of modern office space many companies crave — but in a location that hasn’t been a magnet for tenants.
