Episode Details

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.

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