Value of Chicago’s Tallest Skyscraper, Willis Tower, Falls Well Below Blackstone’s Loan Balance – CoStar

Value of Chicago’s tallest skyscraper, Willis Tower, falls well below Blackstone’s loan balance – CoStar

The value of Chicago’s tallest skyscraper has plunged in a recent appraisal that says the 110-story former Sears Tower is now worth far less than the $1.3 billion-plus that Blackstone still owes on it. Willis Tower’s appraised value has fallen to $1.03 billion, according to a report Thursday by Morningstar Credit. That is sharply down from the pre-COVID appraised value of $1.78 billion in 2018, when the tower at 233 S. Wacker Drive was refinance…

Willis Tower Value Drops Below Blackstone's $1.3B Loan Balance

The latest appraisal for Chicago's Willis Tower values the high-rise at $1.03B – about $270M less than the $1.3B balance on Blackstone's loan for the property. The valuation also represents a steep drop from the nearly $1.8B value assigned to the property in 2018, when the city's tallest tower was refinanced with CMBS debt, according to CoStar.  The latest appraisal was included in a Thursday alert by Morningstar Credit, which said the loan back…