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    Editorial: Owners are scrambling to unload high-profile Chicago buildings. Is this backlash to mayor's ‘mansion tax’?

    It’s been a slow year for big real estate deals in Chicago. Small wonder. Worries about the future of downtown, combined with the 18-month spike in interest rates, would give most owners of office buildings and even high-rise apartments pause about testing the market now for their properties. So it’s interesting — to say the least — that in just the past few days the owners of three ...
    by Chicago Tribune Editorial Board, Chicago Tribune Nov 16, 2023 4 minutes
    After the City Council's recent approval of Mayor Brandon Johnson's proposal to increase the transfer tax on the sale of high-end properties, Block 37, shown in 2018, the vertical mall on State Street, went up for sale along with two other high-profile Chicago properties.

    It’s been a slow year for big real estate deals in Chicago.

    Small wonder. Worries about the future of downtown, combined with the 18-month spike in interest rates, would give most owners of office buildings and even high-rise apartments pause about testing the market now for their properties.

    So it’s interesting — to say the least — that in just the past few days the owners of three high-profile Chicago properties have put them on the block. These are the retail portion of Block 37, the vertical mall on State Street; the 76-story NEMA Chicago apartment tower on Roosevelt Road; and one of the biggest

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