David Herro finds buyer for Palmolive condo after $5M cuts

David Herro will be sporting a haircut when he exits the Palmolive Building.

The deputy chairman of Harris Associates found a buyer for his full-floor condo in the Magnificent Mile building at 159 East Walton Place on Monday, marking the end of a five-year search to offload the property that saw its asking price slashed by nearly half.

The 31st-floor unit went under contract Monday with a price of just under $6 million, listing data shows. While the sale is not final and the ultimate price isn’t known, the current asking price is a 45 percent drop from the $10.9 million Herro sought when he first listed in July 2020.

At $6 million, the sale would mark a loss for Herro, who paid $6.75 million for the unit in December 2013 — about $9.5 million in today’s money, adjusting for inflation — property records show.

The three-bedroom, four-bathroom condo spans 5,500 square feet and features a renovation by Liederbach & Graham Architects and interiors by Steven Gambrel that landed the home a feature in Elle Decor in 2017. The unit comes with four spaces in a heated garage, a private elevator and three fireplaces.

It carries a hefty $9,230 monthly homeowner’s association fee, and had a 2024 property tax bill of about $67,000, according to property records.

The unit’s hard sell was a result of a downtown market that languished in the years after it was offered for sale. Other luxury condos at the top of the market, including Ken Griffin’s penthouse at 800 North Michigan Avenue and Bill Farley’s condo at 209 East Lakeshore Drive have also had to cut prices to find buyers after years on the market.

After first listing for $10.9 million, Herro cut the price to $9.9 million in late 2020, then to $8.9 million in 2022 and $7.5 million in 2023. He pulled the listing in July 2024 before relisting it in September 2025 at $6.75 million, the same price he paid a decade prior.

The final price chop to $6 million came in December, just a month before the unit went under contract.

Ken Jungwirth of @properties Christie’s International Real Estate represents the listing. He did not immediately respond to a request for comment.

Despite the steep losses, if the condo fetches the $6 million asking price, it would be among the most expensive units to sell at the Palmolive building in the last few years. The 32nd-floor penthouse sold for $5.2 million in 2023, while the 23rd-floor unit brought in just under $5.2 million in February 2025, according to listing records.