Chicago Tower Hitting Market at Big Discount Shows City’s Stress

Canadian pension fund Caisse de Dépôt et Placement du Québec is seeking to sell a Chicago office tower in a deal that’s expected to generate bids 59% lower than its last purchase price about eight years ago, according to a person familiar with the matter.

Ivanhoé Cambridge, CDPQ’s real estate arm, has hired Jones Lang LaSalle Inc. to market the building at 125 S. Wacker Drive, according to people with knowledge of the process who asked not to be identified citing private details.