March 19, 2018
The leading market for single-asset commercial property sales since 1995 should come as no surprise. It’s Manhattan, where the 25 highest-priced deals during that time period each exceeded $1 billion in value. Outside of Manhattan, though, the leader is Downtown Chicago, where nine of the 25 biggest deals in other markets took place.
Chicago’s CBD is also the home of the top-performing investment asset outside New York, according to Yardi’s CommercialCafe. The Willis Tower changed hands thrice in 20 years, and topped the $1-billion mark at its last sale date in 2015. Aside from the Parkmerced apartment complex in San Francisco, which traded in 2014 for slightly more than the Willis Tower did in its most recent sale, the iconic Chicago tower is the only non-Manhattan property since 1995 to fetch more than $1 billion.
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