Chicago Office Tower Hits Foreclosure Auction

Chicago’s 350 North Orleans Street, a massive downtown office tower originally bought for $378 million, is poised for a dramatic sale after its previous owner, Blackstone, defaulted on a $310 million loan. New buyers, including Anagram Real Estate and Glendon Capital, are eyeing bids between $90 and $100 million — a steep drop from its peak — as occupancy hovers near 60%. This isn’t an isolated case: across downtown Chicago, office buildings are flooding the market at steep discounts, fueled by pandemic-era shifts and rising interest rates. Yet, innovation persists — developers are repurposing spaces into hotels and apartments, while others upgrade amenities to lure back corporate tenants. The building’s fate reflects a turbulent but evolving commercial real estate landscape. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/488783423bdbc2f9