Chicago Office Building Trades for $82 per Square Foot; 63% Discount from 2022 Transaction
Trade Details:
– Allstate purchased the asset in 2022 for $29.7 million ($222 PSF).
– At the time of purchase in 2022, office vacancy in Chicago was significantly increasing.
– Reports… pic.twitter.com/4iKngCWMdm
— Shashankh Aryal (@aryal1994) September 1, 2024
Investors in AAA tranche of Manhattan debt recover only 74%, while lower creditors lose everything.
#recession … #GFC2 US #CRE edition
The similarities to 2008 keep piling up!#commercialrealestate #CMBS 📉 💀 https://t.co/kkRCLLAkTC
— Invariant Perspective (@InvariantPersp1) September 1, 2024