Chicago Office tower worth less than loan, owner says

Crain's Chicago Business reports:

The owner of 200 S. Wacker Drive says the 40-story tower isn’t worth its $95.5-million loan.

That would mean the value of the nearly 759,000-square-foot office building has plunged at least 28% from its appraisal of $133 million in January 2006, when the loan was issued. The steep decline is a sharp reminder of how office properties have fallen in value since the peak of the market, particularly those with high vacancy rates, like 200 S. Wacker.