Exhibit 5
What Each Assessment Implies Against What the Buyer Paid
Eight sales of large, partly vacant Central and West Loop office buildings, 2023 to 2026: the market value each assessment implies (assessed value divided by 25%), as a multiple of the price paid. Each sale is labeled by its year and the share of the building leased when it sold.
Price paid = 1×Median 2.44×
Sold 2023, 60% leased
1.00×
Sold 2024, 15% leased
4.30×
Sold 2024, 29% leased
2.70×
Sold 2025, 54% leased
1.87×
Sold 2025, 36% leased
2.17×
Sold 2025, 0% leased
1.00×
Sold 2026, 41% leased
3.38×
Sold 2026, 20% leased
5.02×
Source: Cook County Assessor, Assessed Values (county open data), Board of Review final values for the year of sale or the latest year issued, read October 15, 2026; Horwath HTL research (sale prices, areas and leased shares); Horwath HTL calculation.
In all 8 sales the assessment implied at least the price paid; for 6 it implied more, from 1.87 to 5.02 times. The median is 2.44 times. A sale in a year not yet assessed is set against the latest assessment issued.
What Each Assessment Implies Against What the Buyer Paid. Eight sales of large, partly vacant Central and West Loop office buildings, 2023 to 2026: the market value each assessment implies (assessed value divided by 25%), as a multiple of the price paid. Each sale is labeled by its year and the share of the building leased when it sold.
| Sale | Implied market value as a multiple of price paid |
|---|
| Sold 2023, 60% leased | 1.00× |
| Sold 2024, 15% leased | 4.30× |
| Sold 2024, 29% leased | 2.70× |
| Sold 2025, 54% leased | 1.87× |
| Sold 2025, 36% leased | 2.17× |
| Sold 2025, 0% leased | 1.00× |
| Sold 2026, 41% leased | 3.38× |
| Sold 2026, 20% leased | 5.02× |
| Median | 2.44× |
Horwath HTL — The New Floor 2026