ILLINOIS — A prominent Loop skyscraper that once sold for over $230 million is now reportedly being negotiated for a steeply discounted price of around $70 million — just 30% of its 2019 value.
According to a new report from Crain’s Chicago Business, the 190 S. LaSalle St. building is in active sale talks as owners seek to unload the property amid the ongoing crisis in downtown commercial real estate.
Once a Trophy, Now a Bargain
Built in 1987 and spanning over 799,000 square feet, the 190 S. LaSalle tower was financed with a $167.5 million mortgage from U.S. Bank when it was acquired for $230 million in 2019. But with the collapse of demand for traditional office space, the building’s market value has plummeted.
The new reported sale price — just $70 million — reflects a broader pattern of declining valuations across Chicago’s central business district.
Why It’s Happening
Several factors have contributed to the dramatic price drop:
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Remote work and hybrid models have hollowed out demand for large office footprints.
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High vacancy rates and rising interest rates have further discouraged commercial investment.
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The shift has left legacy properties like 190 S. LaSalle vulnerable to distress sales and ownership exits.
Industry watchers note that more than 25% of office buildings in the Loop could be facing similar financial pressure or write-downs, leading to a wave of restructuring or discounted sales.
What Happens Next?
While no final deal has been announced, insiders believe that a closing could happen in the coming months — potentially making 190 S. LaSalle one of the most high-profile losses in Chicago’s downtown office real estate history.
If the sale is finalized near the reported figure, it will set a new benchmark for distressed office asset pricing in the region.
The pending transaction was originally detailed in a Crain’s Chicago Business report.
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