ASSESSOR HOULIHAN RELEASES FIRST EVER REPORT ON TOP 100 LOOP OFFICE BUILDING VALUES
Unprecedented Effort Designed to Shed Further Light on Assessment Process
CHICAGO, June 25, 2004 - - Furthering the goal of making the assessment process as fair, understandable and transparent as possible, today Cook County Assessor Jim Houlihan released for the first time information on the valuation of the top 100 Loop office buildings in the City of Chicago as determined by their respective market value.
At a special briefing hosted by the Civic Federation, Assessor Houlihan said, Â"We have made great progress extending our policy of openness to the public and the media regarding the assessment of residential properties. By continuing this effort today with the Loop office buildings, we hope to establish even greater trust and provide a factual point of reference that will allow for an informed, substantive discussion of the value of these properties.Â"
The briefing covered the facts, methodology and results of the 2003 Loop re-assessment, with focus on the building with the highest market value, the Sears Tower. These 100 office buildings represent less than one half of one percent of the total property parcel count in the City of Chicago, yet they pay almost 20% of the taxes.
Office Properties: 100
Total Square Feet: 86.9 million
Total Full Market Value (as of 1/1/03) $11.4 Billion
Median Increase: 26%
Estimated 2004 taxes: $605 Million
The full report released by the Assessor demonstrates the erratic nature of sale prices, compared to the more uniform range of assessments. Because using sale price to value large office buildings is a fundamentally unsound practice, the AssessorÂ's Office uses the more uniform, accurate and stable income approach to determine value.
Â"By making information widely available on how we generate equitable and uniform property values, we hope to promote greater understanding of the assessment process,Â" said Houlihan. Â"In our efforts, we have realized that tax reform is a marathon, and not a sprint and we will continue to work toward creating tax policies that are more fair to all Cook County taxpayers.Â"
(i couldent get the original speadsheet so it you dont understand the following information than cheack it out at this linkASSESSOR HOULIHAN RELEASES FIRST EVER REPORT ON TOP 100 LOOP OFFICE BUILDING VALUES )
Rank Bldg Num Dir Street Submarket Age Assr Net SF Assr Full MV AS MV $ PSF Sale Price SL Date SP SF
1 Sears Tower 233 S Wacker West Loop 30 3,603,948 $530,000,000 $147.06 $840,000,000 05/04/04 $233.08
2 CME Center 10 S Wacker West Loop 19 2,003,288 $363,400,000 $181.40 $462,000,000 10/01/97 $230.62
3 Aon 200 E Randolph East Loop 31 2,456,748 $343,600,000 $139.86 $462,500,000 05/09/03 $188.26
4 1 and 2 Pru 180 N Stetson East Loop 13 2,111,521 $304,000,000 $143.97 $372,577,000 06/20/00 $176.45
5 ATT I 227 W Monroe West Loop 14 1,547,192 $298,100,000 $192.67 $345,000,000 12/01/95 $222.98
6 Bank One Corp C 131 S Dearborn Central Loop 1 1,497,269 $285,627,500 $190.77 $434,000,000 09/30/03 $289.86
7 UBS 1 N Wacker West Loop 2 1,343,619 $262,200,000 $195.14 $409,000,000 10/30/02 $304.40
8 Bank One Building 2 S Dearborn Central Loop 36 1,751,775 $249,500,000 $142.43 NO SALE SINCE 1995
9 Citicorp 500 W Madison West Loop 16 1,457,724 $233,200,000 $159.98 NO SALE SINCE 1995
10 311 S Wacker 311 S Wacker West Loop 13 1,275,885 $209,100,000 $163.89 $274,050,000 10/17/02 $214.79
11 Leo Burnett 35 W Wacker Central Loop 14 1,117,978 $207,600,000 $185.69 $296,000,000 11/01/03 $264.76
12 3 First National 70 W Madison Central Loop 22 1,439,367 $192,900,000 $134.02 NO SALE SINCE 1995
13 Mid Continental Plz 55 E Monroe East Loop 31 1,549,340 $178,100,000 $114.95 $292,500,000 12/20/02 $188.79
14 IBM Building 350 N Wabash N Mich Ave 31 1,345,005 $177,800,000 $132.19 $238,000,000 12/16/99 $176.95
15 USG ATT 2 222 W Adams West Loop 11 927,743 $172,900,000 $186.37 $183,000,000 12/01/95 $197.25
16 181 W Madison 181 W Madison West Loop 13 949,989 $172,000,000 $181.05 $248,000,000 07/01/02 $261.06
17 500 W Monroe 500 W Monroe West Loop 12 952,341 $169,500,000 $177.98 $250,000,000 02/11/02 $262.51
18 Donnelley 77 W Wacker Central Loop 11 957,444 $168,600,000 $176.09 $280,000,000 09/01/99 $292.45
19 1 S Wacker 1 S Wacker West Loop 31 1,173,114 $160,400,000 $136.73 $209,000,000 12/06/02 $178.16
20 Chicago Title 161 N Clark Central Loop 11 1,010,363 $152,300,000 $150.74 $117,000,000 07/26/95 $115.80
21 Blue Cross/ BS 300 E Randolph East Loop 5 937,159 $150,200,000 $160.27 NO SALE SINCE 1995
22 NBC Tower 455 N Cityfront East Loop 14 843,651 $146,800,000 $174.01 $181,910,000 10/31/96 $215.62
23 ABN Amro 550 W Madison West Loop 1 895,441 $143,100,000 $159.81 NO SALE SINCE 1995
24 Hancock 875 N Michigan N Mich Ave 34 953,502 $143,000,000 $149.97 $221,750,000 12/16/98 $232.56
25 Former 2 Ill Cent 233 N Michigan East Loop 31 1,028,197 $137,000,000 $133.24 $173,500,000 07/01/01 $168.74
26 Insurance Exch 175 W Jackson Central Loop 82 1,363,711 $134,500,000 $98.63 $55,000,000 07/16/98 $40.33
27 191 N Wacker 191 N Wacker West Loop 1 714,665 $131,500,000 $184.00 NO SALE SINCE 1995
28 200 W Madison 200 W Madison West Loop 21 930,480 $131,400,000 $141.22 $159,800,000 02/16/01 $171.74
29 525 W Monroe 525 W Monroe West Loop 20 899,980 $131,400,000 $146.00 NO SALE SINCE 1995
30 Blvd Towers South 205 N Michigan East Loop 18 973,442 $125,711,700 $129.14 $152,000,000 06/30/98 $156.15
31 Boeing / Morton 100 N Riverside West Loop 13 770,271 $124,800,000 $162.02 $166,650,000 11/01/97 $216.35
32 Blvd Towers North 225 N Michigan East Loop 21 961,596 $123,888,000 $128.84 $143,500,000 09/21/98 $149.23
33 1 Financial Place 440 S Lasalle Central Loop 19 930,572 $120,110,600 $129.07 NO SALE SINCE 1995
34 190 S Lasalle 190 S Lasalle Lasalle St 17 783,113 $118,500,000 $151.32 NO SALE SINCE 1995
35 333 W Wacker 333 W Wacker West Loop 11 813,683 $110,700,000 $136.05 $140,559,246 08/15/00 $172.74
36 300 S Riverside 300 S Riverside West Loop 20 1,160,209 $110,600,000 $95.33 $84,170,000 09/29/95 $72.55
37 Hartford Plaza 100 S Wacker West Loop 41 1,069,317 $109,600,000 $102.50 $142,900,000 09/01/02 $133.64
38 Lasalle Bank Bldg 135 S Lasalle Lasalle St 69 1,202,740 $106,996,400 $88.96 $129,528,830 07/17/97 $107.69
39 One Illinois Center 111 E Wacker East Loop 23 1,005,350 $106,200,000 $105.63 $117,250,000 08/01/99 $116.63
40 Quaker Tower 321 N Clark River North 14 880,742 $105,700,000 $120.01 $133,335,000 04/05/01 $151.39
Top 100 Loop Office Buildings Source: Cook County Assessor's Office
41 200 S Wacker 200 S Wacker West Loop 22 733,667 $103,200,000 $140.66 $130,550,000 10/23/98 $177.94
42 33 W Monroe 33 W Monroe Central Loop 23 850,121 $103,200,000 $121.39 $100,500,000 01/29/99 $118.22
43 222 S Riverside 222 S Riverside West Loop 33 1,177,162 $102,600,000 $87.16 $119,285,000 10/01/01 $101.33
44 225 W Wacker 225 W Wacker West Loop 14 644,378 $101,400,000 $157.36 $151,259,603 04/16/03 $234.74
45 10 S Lasalle 10 S Lasalle Lasalle St 17 733,633 $100,271,900 $136.68 $139,390,270 12/23/02 $190.00
46 30 N Lasalle 30 N Lasalle Lasalle St 29 909,245 $99,700,000 $109.65 $99,572,920 06/13/97 $109.51
47 Wacker Plaza 222 N Lasalle Lasalle St 76 986,613 $98,832,000 $100.17 NO SALE SINCE 1995
48 CBOT 141 W Jackson Central Loop 73 1,324,235 $96,372,600 $72.78 NO SALE SINCE 1995
49 C N A Main 333 S Wabash East Loop 31 1,144,378 $93,600,000 $81.79 NO SALE SINCE 1995
50 3 Illinois Center 303 E Wacker East Loop 23 831,657 $90,900,000 $109.30 $79,500,000 01/06/98 $95.59
51 AMA 515 N State N Mich Ave 13 622,487 $88,400,000 $142.01 NO SALE SINCE 1995
52 55 W Monroe 55 W Monroe Central Loop 22 803,046 $88,400,000 $110.08 $92,000,000 08/01/03 $114.56
53 Stone Container 150 N Michigan East Loop 20 623,006 $85,830,000 $137.77 $113,240,000 06/03/99 $181.76
54 Equitable Building 401 N Michigan N Mich Ave 38 719,930 $85,200,000 $118.34 $120,000,000 12/03/01 $166.68
55 180 N Lasalle 180 N Lasalle Lasalle St 32 760,929 $82,900,000 $108.95 NO SALE SINCE 1995
56 Congress Center 525 W Van Buren West Loop 3 521,445 $82,610,100 $158.43 $136,108,000 01/08/03 $261.02
57 One N Franklin 1 N Franklin West Loop 22 612,947 $78,300,000 $127.74 NO SALE SINCE 1995
58 SBC Ameritcech 225 W Randolph West Loop 33 755,682 $77,900,000 $103.09 NO SALE SINCE 1995
59 Am College Surg 633 N St. Clair N Mich Ave 12 544,169 $77,200,000 $141.87 NO SALE SINCE 1995
60 Bank of America 231 S Lasalle Lasalle St 99 1,035,435 $75,028,800 $72.46 NO SALE SINCE 1995
61 Transportation Bdg 203 N Lasalle Lasalle St 17 581,107 $74,700,000 $128.55 NO SALE SINCE 1995
62 2 N Lasalle 2 N Lasalle Lasalle St 24 670,405 $73,300,000 $109.34 $62,000,000 12/09/98 $92.48
63 123 N Wacker 123 N Wacker West Loop 17 537,464 $72,600,000 $135.08 $87,250,000 11/01/99 $162.34
64 Marmon 225 W Washington West Loop 16 472,085 $72,600,000 $153.79 $85,800,000 08/01/01 $181.75
65 200 W Adams 200 W Adams West Loop 18 662,355 $69,500,000 $104.93 $72,175,000 10/08/97 $108.97
66 101 N Wacker 101 N Wacker West Loop 23 558,236 $67,800,000 $121.45 $58,965,125 12/11/97 $105.63
67 676 N St. Clair 676 N St. Clair N Mich Ave 32 551,409 $66,800,000 $121.14 $70,000,000 12/20/01 $126.95
68 200 N Lasalle 200 N Lasalle Lasalle St 19 599,792 $66,300,000 $110.54 $62,500,000 07/01/02 $104.20
69 Harris Bank 115 S Lasalle Lasalle St 29 588,392 $66,000,000 $112.17 NO SALE SINCE 1995
70 550 W Jackson 550 W Jackson West Loop 2 405,971 $66,000,000 $162.57 NO SALE SINCE 1995
71 Quaker Oats Plaza 555 W Monroe West Loop 1 415,767 $65,400,000 $157.30 $101,500,000 11/03/02 $244.13
72 10 S Riverside 10 S Riverside West Loop 38 672,413 $63,000,000 $93.69 $62,000,000 12/09/98 $92.21
73 Gateway II 120 S Riverside West Loop 36 672,731 $63,000,000 $93.65 $52,000,000 12/09/98 $77.30
74 230 W Monroe 230 W Monroe West Loop 32 616,800 $62,100,000 $100.68 $64,510,000 12/19/01 $104.59
75 444 N Michigan 444 N Michigan N Mich Ave 37 505,629 $60,300,000 $119.26 $85,000,000 06/26/02 $168.11
76 200 W Monroe 200 W Monroe West Loop 30 625,150 $57,600,000 $92.14 $73,250,000 10/21/03 $117.17
77 One N Dearborn 1 N Dearborn Central Loop 97 877,868 $57,575,600 $65.59 $65,089,286 12/27/02 $74.14
78 550 W Washington 550 W Washington West Loop 3 371,559 $55,000,000 $148.02 $76,700,000 05/15/01 $206.43
79 208 S Lasalle 208 S Lasalle Lasalle St 91 818,071 $54,325,300 $66.41 $60,972,000 04/02/98 $74.53
80 Civic Opera Building 20 N Wacker West Loop 74 825,872 $53,442,400 $64.71 $72,175,000 09/01/97 $87.39
81 300 S Wacker 300 S Wacker West Loop 32 502,513 $53,000,000 $105.47 $65,000,000 02/02/98 $129.35
Top 100 Loop Office Buildings Source: Cook County Assessor's Office
82 Time Life Bldg 541 N Fairbanks N Mich Ave 34 541,637 $52,700,000 $97.30 NO SALE SINCE 1995
83 Union Tower 550 W Van Buren West Loop 4 332,608 $52,600,000 $158.14 $73,000,000 11/22/02 $219.48
84 120 N Lasalle 120 N Lasalle Lasalle St 12 383,446 $51,800,000 $135.09 $75,323,600 07/01/03 $196.44
85 One E Wacker 1 E Wacker East Loop 41 519,321 $51,600,000 $99.36 NO SALE SINCE 1995
86 Lurie Building 120 S Lasalle Lasalle St 75 610,730 $51,543,644 $84.40 NO SALE SINCE 1995
87 Tribune Tower 435 N Michigan N Mich Ave 78 628,553 $51,100,000 $81.30 NO SALE SINCE 1995
88 Harris Bank 105 W Monroe Central Loop 92 587,491 $50,600,000 $86.13 NO SALE SINCE 1995
89 125 S Wacker 125 S Wacker West Loop 29 506,988 $48,900,000 $96.45 NO SALE SINCE 1995
90 Burnham Center 111 W Washington Central Loop 88 579,778 $48,800,000 $84.17 $51,000,000 07/08/01 $87.96
91 Dearborn Plaza 20 W Kinzie River North 3 382,331 $47,601,495 $124.50 NO SALE SINCE 1995
92 Bank of America 200 W Jackson West Loop 33 470,261 $46,400,000 $98.67 $52,000,000 04/30/03 $110.58
93 303 W Madison 303 W Madison West Loop 19 296,573 $43,500,000 $146.68 $46,600,000 10/02/02 $157.13
94 111 W Jackson 111 W Jackson Central Loop 42 540,286 $41,473,000 $76.76 NO SALE SINCE 1995
95 625 N Michigan 625 N Michigan N Mich Ave 33 332,649 $40,400,000 $121.45 $62,750,000 04/04/03 $188.64
96 2 First National 20 S Clark Central Loop 30 356,874 $36,500,000 $102.28 $37,500,000 08/01/02 $105.08
97 Trans Union 555 W Adams West Loop 22 231,248 $35,200,000 $152.22 NO SALE SINCE 1995
98 Avondale Center 20 N Clark Central Loop 23 384,510 $34,700,000 $90.24 NO SALE SINCE 1995
99 33 N Lasalle 33 N Lasalle Lasalle St 74 378,418 $33,161,200 $87.63 $29,000,000 07/31/98 $76.63
100 1 N Lasalle 1 N Lasalle Lasalle St 74 467,727 $32,832,800 $70.20 $32,978,571 12/27/02 $70.51
Top 100 Loop Office Buildings Source: Cook County Assessor's Office> |
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