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Superlative Skyscraper Sales

  • Empire State Building
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Tags Booms and BustsFinancial MarketsBusiness Cycles

03/16/2015

In 2014 there was a record number of skyscrapers and super skyscrapers around the world. In addition to frenzied skyscraper building, there has also been several existing skyscraper that have changed hands at "superlative" prices in recent years. According to Bisnow:

"This week's commercial real estate banner headline was Blackstone's reported interest in and discussions about buying Chicago's Willis Tower(formerly the Sears Tower) for $1.5B. It's not every day that such a universally recognized skyscraper changes hands. But several marquee office towers have recently traded at similarly eye-popping figures. Here's a look at Willis Towers' rarefied company."

The Empire State Building sold for $4.2 building in May of 2013 after being estimated to be worth $2 billion. The 60 story skyscraper at 300 N. Lasalle Street in Chicago sold for $850 million in May 2014 after appreciating 30% from 2010 when it was purchased by KBS for $655 million.

 

HT: TD

 

Mark Thornton is a Senior Fellow at the Mises Institute and the book review editor of the Quarterly Journal of Austrian Economics. He has authored seven books and is a frequent guest on national radio shows.

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