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Distressed DT Chicago Office Building Headed to Auction
A ten-story vintage office building in Chicago’s West Loop is going to auction. Farbman Group’s Bill Bubniak and Todd Szymczak are marketing the 216 West Jackson Blvd. property, with Ten-X managing the auction, reported Crain’s. A starting bid of $1 million has been set.
The move comes nearly a year after former owner Marc Realty was hit with a foreclosure lawsuit, after allegedly defaulting on a $16.5 million loan tied to the property. Marc eventually surrendered the property via deed-in-lieu of foreclosure, at which point special servicer LNR Partners took control of the property. Marc bought the 185,000-square-foot building in 2013 for more than $22 million.
Located in the heart of Chicago’s financial district near the Willis Tower, 216 West Jackson is mostly vacant. The 125-year-old building is the latest in a string of distressed office buildings to hit the market. The 20-story building at 300 West Adams Street, recently sold for just $4 million, or $17 per square foot.
