"If the city doesn't compromise, we'll have to go back to court," an attorney for the Clevelander Hotel said.

The average urban office sales price has risen to $429 per square foot, a 4.5% increase over 2020.

"The overarching narrative of doom and gloom seems to miss out on the lingering strength and potential of leading players."

The price tag of $1.58 billion represents a 30% discount to the estimated replacement cost.