USG CEO Takes Loss on High-Rise Condo

SCENES FROM A MALL: A 4,000-square-foot condo at Chicago Place sells for 29 percent off its purchase price

A recently-sold condo on North Michigan Avenue

NORTH MICHIGAN AVENUE
LIST $1.60 MILLION SALE $1.38 MILLION

William Foote, who retired as CEO of the building products company USG in January, sold his 4,000-square-foot high-rise condo in September. The sale price was 29 percent below the $1.95 million Foote and his wife, Kari, had paid for the condo in 2003.

The home occupies half of the 43rd floor of the tower above what used to be known as Chicago Place, at 700 North Michigan Avenue. According to the listing sheet, the condo has about 100 linear feet of floor-to-ceiling windows that overlook the Magnificent Mile. Listing photos show large rooms, a sleek kitchen, handsome built-ins, and architectural details on some ceilings.

In 2008, Deal Estate reported that the Footes had sold their rehabbed 130-year-old farmhouse in far west suburban Geneva for $1.45 million.

Foote first began working at USG—a century-old company whose primary products are gypsum wallboard and ceiling suspension systems—in 1984. He became its CEO in 1996 and remains its chairman. I could not reach the Footes or their agent, William Kaye of Prudential Rubloff, for comment.

Send tips about home sales to dennis@rodkin.com.

 

Photograph: Todd Urban

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