A Loop office tower bought for $64M in 2019 may now draw bids near $11M.
A Cook County judge appointed CNR Advisors as receiver for 55 East Jackson Boulevard, and CNR hired CBRE brokers to sell it, The Real Deal reported Oct. 24.
The 22-story building has about 452,000 SF and is vacant apart from a Starbucks and a Potbelly. It was 95% leased before the pandemic.
Firenze Group paid $64M in 2019. Sources cited by Crain's put bids near $11M, or about $24 per SF (derived).
Ready Capital sued to foreclose on a $62M claim in 2024, then dropped the suit and rejected taking ownership this summer. The city then sued the owner over code violations.
Marc Realty kept the land interest, and Firenze defaulted on both the mortgage and the ground lease.
Implications: CBRE is pitching the tower as an office-to-residential play, so any price is a conversion basis, not an office value. Three items decide whether about $24 per SF works: the ground lease, the 2012 landmark designation, and conversion cost for these floor plates. None was quantified. The report does not explain why the lender rejected taking ownership, and the bids are unconfirmed; no sale has closed.
Key Takeaways
- At bids near $24 per SF, a Loop tower is priced as a conversion site, not an office.
- Bids near $11M vs $64M paid in 2019, about 83% lower (derived)
- About 452,000 SF; about $24 per SF at $11M (derived)
- $62M foreclosure suit dropped; lender rejected taking ownership
- Ground lease in default; landmark designation since 2012
- Bids unconfirmed; conversion cost not reported
The Real Deal, From $64M to $11M: Historic 55 East Jackson up for sale in Chicago, Oct. 24, 2026
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