Chicago Office Tower Sells at an 87% Discount to Pre-Covid Price

A Chicago office tower sold for roughly 87% less than its pre-pandemic price tag, marking another example of the precipitous drop in commercial-property values in the third-largest US city.

A joint venture between New York-based 601W Companies and David Werner Real Estate Investments purchased the 22-story building at 175 W. Jackson Blvd. for $41 million, according to a person with knowledge of the deal. The seller, Brookfield Asset Management, paid $306 million for the tower in 2018.