Chicago’s Commercial Real Estate for 2015

There have been significant real estate sales in the commercial realm in Chicago since the beginning of this year.  Most notable to date have been the three tallest towers that are in the sale process.  In addition to those, the sale of downtown office towers from January to June 2015 reached a value of $4.19 billion combined.  That alone – just for the first half of the year – was more than the total of sales in the same category of 2014 in Chicago.

What has yet to have been calculated are the largest deals that are in process, including the sale of the Aon Center, the city’s third tallest building, that is due to reach $712 million.  According to Senior Vice President and Investment Sales Expert at JLL, broker Nooshin Felsenthal, Chicago will “at the very least meet that $5.3 billion record and I’m pretty confident we’ll blow right past it.” The other two of the large towers that are in the process of sale is the two-tower Illinois Center, which will be sold for $376 million.