The Elephant In The Downtown

From The Real Estate Espresso Podcast Victor Menasce

On today’s show we are talking about the elephant in the downtown. This is the property that was once a symbol of success that has now become a central embarrassment to the city. It seems that almost every city has one, and in some cases more than one.

In Houston it’s the One City Center Building with 600,000 SF that is 80% vacant. In Portland Oregon it’s the 45 story office tower affectionately called The Big Pink that is now 50% vacant and partly over-run with homeless people sleeping on vacant floors. That building just sold for $0.20 on the dollar.

In Chicago it’s the old post office. This colossal art deco building, one of the largest in Chicago, sat vacant and decaying for nearly two decades after the U.S. Postal Service moved out in the mid-1990s.

In Los Angeles there is Oceanwide Plaza

In Memphis it’s the Sterick Building.

There are quite a few across the nation.

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