Real Estate
Chicago Distressed Properties Lure Bargain-Hunting Buyers
- Prime Group is in talks to buy several office buildings
- Downtown vacancy rates climbed to record in fourth quarter
Buildings in the Loop neighborhood of Chicago.
Photographer: Christopher Dilts/BloombergThis article is for subscribers only.
Chicago’s troubled property market, which has seen values plunge by more than 50% in recent years, is starting to draw in investors looking for bargains.
Developer Michael Reschke, who is turning the iconic Thompson Center into Google’s new office together with Quintin Primo, said his firm is in talks to buy several office buildings in the Windy City. The real estate duo has also put forward proposals to re-purpose five buildings in LaSalle Street, once known as the Wall Street of Chicago, as part of a government program to revive the downtown.