Citadel's Former Chicago Tower Trades Far Below Its $750 Million Ask

A Cook County deed recorded June 3 puts a $97.0 million declared sale price on 131 S. Dearborn St., the 37-story Loop tower Citadel vacated when the hedge fund and market maker relocated its headquarters. The recorded sale spans 22 parcels at the address, filed under document number 2615508057.

That recorded figure is well below the $750 million ask that CoStar reported a venture of Hines and Angelo Gordon had been marketing the 1.5 million-square-foot tower for, and it also differs from the $137 million price Traded reported for a sale of the building to Kohan Retail Investment Group around the same date. Cook County’s recorded sale price and an outlet-reported deal price routinely diverge, since the county figure is the deed’s own stated consideration and does not always capture debt assumed, personal property, or other deal structure; this report states both figures and does not reconcile them into one number.

Why it matters

Whichever figure proves closer to the real transaction value, both are a fraction of the tower’s prior ask, and that is the story for anyone pricing downtown Chicago office. CoStar had reported the building sitting at roughly 45% vacancy after Citadel’s departure. A sale in the $97 million to $137 million range on a tower once marketed at $750 million is a hard comparable for every other large, partly vacant Loop office owner trying to gauge where buyers are actually willing to price this product today.

The numbers

The Cook County recorded sale lists a $97.0 million declared price across the 22-parcel package at 131 S. Dearborn St., dated June 3, 2026, and classified as commercial property over three stories. Traded reported the buyer as Kohan Retail Investment Group, a national investor known for acquiring big-box and office assets at steep discounts, in a deal it priced at $137 million, or about $91 per square foot across the 1.5 million-square-foot building. CoStar’s earlier reporting on the listing cited the $750 million ask from the Hines and Angelo Gordon venture that had owned and marketed the tower.

What’s next

A new ownership filing or lease-up announcement from Kohan, or a further Cook County recording clarifying the deal structure behind the $97.0 million declared price, would resolve the gap between the two reported figures. Watch whether the new ownership pursues a conversion, a reposition for smaller tenants, or simply holds the asset at its sharply reduced basis. For more Loop office activity, see Chicago.