LaSalle Investment to Pay $147M for Troubled Asset

LaSalle Investment Management agreed to pay about $147 million to special servicer LNR Partners for a 548,621-square-foot office tower at 123 N. Wacker Dr. If the deal for the building in Chicago’s West Loop closes, it will also bring to an end the financial issues plaguing the building since 2010.

The previous owner was a group of individuals under a tenant-in-common ownership structure, which paid $173.7 million to acquire the property in 2005. With the downturn, a securitized loan on the tower went to a special servicer in 2010. Even with a loan modification, the property went through a bankruptcy and foreclosure suit.

Less than 60% of the building is leased. Morton Salt, one of the largest tenants will be moving out by the end of this year.

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