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A River North office tower mired in one of the largest foreclosure lawsuits ever for Chicago property has lost $337 million in value since 2022, one of many sobering data points for the distress-laden downtown office market.
The office portion of a 52-story building at 330 N. Wabash Ave. was recently appraised at $208.5 million, down nearly 62% from its estimated value less than three years ago, according to data tied to a $370 million loan connected to the property. The valuation was done late last year in conjunction with a foreclosure complaint filed against the building's owner, a venture of Boston-based Beacon Capital Partners.
The staggering decrease shows the harsh reality of the post- pandemic downtown office market, where the remote work movement, record-high vacancy and elevated borrowing costs have clobbered property values. Over the past few months, large office buildings at 600 W. Chicago Ave., 303 E. Wacker Drive, 70 W. Madison St.,...