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U.S. Office Towers Sell at 90% Off in Fire Sale

Source: wsj.com

TL;DR

Developers are buying troubled U.S. office towers at discounts over 90% in cities from Denver to Washington, D.C.
In Chicago, Marc Calabria got a 485,000-square-foot building for $4 million, down from $68.1 million a decade ago.
Low prices enable conversions to housing, farms, or other uses after years of owners holding out post-Covid.

The story at a glance

America's office market is dumping troubled towers at fire-sale prices, with developers snapping them up in places like Chicago, Denver, and Washington, D.C. Key players include developer Marc Calabria in Chicago and Asher Luzzatto in Denver. The piece is out now because sales are picking up after lenders pushed owners to let go of properties battered since Covid. Office vacancies and weak demand linger from remote work shifts.

Key points

Chicago developer Marc Calabria bought a 485,000-square-foot office building for $4 million; it sold for $68.1 million about 10 years earlier, a 94% drop.
In Denver, Asher Luzzatto paid $5.3 million for the Denver Energy Center two-building complex post-foreclosure; prior sale was $176 million in 2013, nearly 97% off.[[1]](https://www.wsj.com/real-estate/commercial/a-fire-sale-has-u-s-office-buildings-going-for-90-off-8fa8b5d8)
Landlords and lenders held properties for years hoping for recovery, but rising distress is now forcing sales.
Buyers see chance to convert buildings cheaply into apartments, urban farms, or other non-office uses.
“People who don't know real estate would be shocked at the level of distress,” said Luzzatto.[[1]](https://www.wsj.com/real-estate/commercial/a-fire-sale-has-u-s-office-buildings-going-for-90-off-8fa8b5d8)

Details and context

The U.S. office sector has struggled since Covid emptied buildings and locked in remote work for many. Vacancy rates stay high, rents lag, and debt maturities force owners to face losses after years of extensions from hopeful lenders.

These deals show a shift: cash buyers target distressed assets no one else wants, betting on repurposing over office revival. Calabria plans hydroponic farming at his Chicago site with partner Farmzero.[[2]](https://finance.yahoo.com/markets/stocks/articles/office-towers-plunge-whopping-95-205505979.html)

Similar patterns hit other cities; federal sales in D.C. also reflect the slump, with one 940,000-square-foot building going for $24 million to a housing converter.[[3]](https://www.wsj.com/real-estate/commercial/feds-sell-sprawling-washington-d-c-building-in-latest-push-to-shed-property-ff71bb0f)

Key quotes

“The buy-in at this distressed price allows us the opportunity to afford change,” said Marc Calabria on his Chicago purchase.[[2]](https://finance.yahoo.com/markets/stocks/articles/office-towers-plunge-whopping-95-205505979.html)
“People who don't know real estate would be shocked at the level of distress,” said Asher Luzzatto.[[1]](https://www.wsj.com/real-estate/commercial/a-fire-sale-has-u-s-office-buildings-going-for-90-off-8fa8b5d8)

Why it matters

Distressed office sales signal the sector's post-Covid reset, with values down sharply and more foreclosures likely as loans mature. For investors and developers, it means cheap entry for conversions; cities gain from repurposed spaces but lose office tax revenue short-term. Watch loan defaults and conversion pace, though not all buildings suit residential or other shifts.