Historic 55 East Jackson Tower Lists for $11 Million
The 22-story Chicago landmark hits the market after a default, marking a significant drop in valuation for the property.
Updated on Oct. 24, 2026 in Commercial
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The 22-story Chicago landmark at 55 East Jackson is being listed for sale after its owner defaulted on mortgage and lease obligations. The property, currently vacant above the ground floor, is expected to fetch significantly less than its previous purchase price.
Why it matters
The sale highlights the ongoing challenges in the commercial real estate market, as the property lost its primary anchor tenant and its lender abandoned foreclosure proceedings. This shift underscores the sharp decline in valuation for aging high-rise office space in the city.
The 452,000 square-foot high-rise is hitting the market with an expected valuation of approximately $11 million, or $25 per square-foot. This comes after the owner defaulted on a $62 million loan following the 2022 departure of DePaul University.
The players
CBRE
A global real estate services firm hired to lead the marketing and sale of the vacant Chicago office tower.
CNR Advisors
A receiver appointed by a Cook County judge to oversee the management and disposition of the building.
Firenze Group
The property owner that purchased the building in 2019 and subsequently defaulted on its mortgage.
Ready Capital
A lender that filed and later abandoned a foreclosure lawsuit against the building owner.
DePaul University
A major educational institution that previously served as the primary tenant before exiting the site in 2022.
The details
After the Firenze Group defaulted, a Cook County judge appointed CNR Advisors as receiver to manage the asset. The receiver has now retained CBRE to facilitate a sale of the landmarked property. The building has struggled to maintain its historical 95 percent occupancy rate, currently sitting largely vacant with only ground-floor retail tenants remaining.
Timeline
2012: The 55 East Jackson building was designated as a Chicago landmark.
2019: Firenze Group purchased the high-rise for $64 million.
2022: DePaul University vacated the property.
2024: Ready Capital filed a $62 million foreclosure lawsuit.
Summer 2026: Ready Capital dismissed the foreclosure lawsuit.
The Home Front
This sale reflects a broader trend of significant value corrections for older office properties in major urban centers. As commercial districts adapt to fluctuating occupancy, these landmarks often face repurposing challenges that can affect local property tax assessments.
While this is a commercial transaction, residents should watch for future zoning or redevelopment proposals that could impact the neighborhood streetscape. Keep an eye on local city council agendas for any proposed changes to the building usage.
The takeaway
Commercial property values in the city are facing significant downward pressure following the loss of major anchor tenants. Keep an eye on upcoming permit applications at the site, as new owners may pursue structural renovations to restore occupancy.
Further reading
For broader trends impacting local office assets, see Chicago Commercial.
Source note: This article includes information reported by The Real Deal New York.
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