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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, “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.”

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 Assessor’s Office uses the more uniform, accurate and stable income approach to determine value.

“By making information widely available on how we generate equitable and uniform property values, we hope to promote greater understanding of the assessment process,” said Houlihan. “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.”

Top 100 Loop Office Buildings

Source: Cook County Assessor's Office

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	To	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
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
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