Vacant Chicago Landmark Hits Market at Deep Discount

The 22-story office tower at 55 East Jackson is listed for sale after a foreclosure attempt was recently dismissed.

Updated on Oct. 24, 2026 in Commercial

Vacant Chicago Landmark Hits Market at Deep Discount

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CBRE is marketing the historic 55 East Jackson building for sale following the departure of its major tenant and a failed foreclosure effort. The vacant 22-story tower is expected to fetch a fraction of its previous purchase price.

Why it matters

The property sale highlights the severe distress facing some downtown office assets after mortgage defaults and the loss of anchor tenants. This listing marks a significant value drop from its last acquisition cost as the owner exited the project.

The 452,000 square-foot building, which previously maintained a 95 percent occupancy rate, is currently listed for an expected $11 million, or $25 per square-foot. This comes after Firenze Group purchased the property for $64 million in 2019.

The players

Firenze Group

This firm is the owner of the 55 East Jackson building and defaulted on its mortgage obligations.

Ready Capital

This lender initiated and subsequently dismissed a foreclosure lawsuit against the building owner.

CBRE

This commercial real estate services company was hired to market the high-rise for sale.

CNR Advisors

This firm was appointed by a Cook County judge to act as the receiver for the property.

The details

A Cook County judge appointed CNR Advisors as a receiver to oversee the building after Firenze Group defaulted on its mortgage. Ready Capital, which previously filed a $62 million foreclosure lawsuit, abandoned the property by dismissing the litigation.

The building was designated as a Chicago landmark in 2012.
Firenze Group acquired the high-rise in 2019.
DePaul University exited the premises in 2022.
Ready Capital filed a foreclosure lawsuit in 2024.
The foreclosure lawsuit was dismissed in Summer 2026.

Culture Shift

The sale reflects a broader trend of commercial office towers losing significant value as remote work patterns endure. The property is currently subject to strict preservation requirements under the Chicago Landmarks Ordinance.

The vacant status of the prominent downtown tower remains a concern for local retail tenants on the ground floor. Potential buyers face the challenge of repositioning the landmark property within a struggling office district.

The takeaway

Distressed commercial assets in major urban cores are seeing steep valuation adjustments as lenders move to exit failed projects. Investors must weigh the potential for redevelopment against the high costs of maintaining aging, landmark-designated office structures.