Owners of Three High-Profile Chicago Properties Put Them on the Market

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 apartment complexes in Chicago, the Pavilion Apartments near O’Hare Airport. It’s not that the economic future of downtown Chicago is any clearer now than it was a week ago. The major event affecting these property owners in that time span was the City Council’s Nov. 7 approval of Mayor Brandon Johnson’s proposal to quadruple the transfer tax on the sale of properties like thes

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